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REBNY Research: Real Estate Broker Confidence Index Q3 2020
October 21, 2020
The Real Estate Board of New York (REBNY) surveys its residential and commercial brokerage members quarterly, measuring their present and six-month forecasted confidence in New York City’s real estate market.
Brokers reflect on their professional dealings and report their outlook on an index of 0 to 10. The Commercial Broker Confidence Index covers all forms of commercial real estate, including but not limited to office, retail and industrial space. The Residential Broker Confidence Index reflects both the residential sales and rental markets.
REBNY issues and collects the survey responses in the last three weeks of each quarter.
The most recent survey results reveal overall real estate broker confidence is 3.08, a 7% drop between the second and third quarters of 2020 and a 47% drop year-over-year. While overall residential and commercial real estate broker confidence hit the lowest levels recorded by REBNY, overall commercial broker confidence was 2.15 out of 10, an 11% increase since the second quarter of 2020 and a 64% decline since the third quarter of 2019. Whereas, overall residential broker confidence was 4.00 out of 10, a 14% decline since the second quarter of 2020 and a 30% decline from third quarter of 2019.
REAL ESTATE BROKER CONFIDENCE INDEX
In the third quarter of 2020, the present situation real estate broker confidence was 2.50 out of 10, a 1% increase since brokers were last surveyed in the second quarter of 2020 and a 61% decline since the same time last year.
The survey results similarly indicated a decline in market sentiment six months from now, with an index at 3.51, a 10% decline from the first quarter of 2020 and a 36% decline since the same time last year.