NEW YORK CITY-The mood is upbeat among residential and commercial brokers alike as the new year gets under way, the Real Estate Board of New York said Wednesday. December’s confidence ranking was the second highest of the seven months that REBNY has been conducting its Broker Confidence Index, distributed publicly for the first time this week.
On a scale of zero to 10, with five being neutral, the index reached 8.12 in December, second only to September’s index of 8.55. Brokers’ confidence rebounded from November, when it dipped to 7.55 in the aftermath of Superstorm Sandy.
The upswing was especially pronounced for commercial brokers, whose confidence bounced back to 7.67 in December compared to 6.77 in the weeks following Sandy. Their confidence about the market six months from now rose even more sharply between November and December, with indexes of 6.74 and 7.85, respectively.
“Since we began conducting the survey seven months ago, we have found that our Brokerage Division Members, both residential and commercial, have been increasingly confident in the market overall,” Steven Spinola, REBNY president, says in a release. “In this our first public distribution of the index, the survey results show that while Hurricane Sandy caused a dip in confidence in November 2012, broker confidence is again on the upswing and we anticipate that confidence levels will continue to increase as the economy improves overall and the city continues to recover from the impacts of the storm.”
REBNY has been collecting survey data monthly from residential and commercial brokerage division members via anonymous online surveys. In order to ensure consistent data patterns, the association began collecting monthly data this past June, making the results public only this month.
From now on, the index will be distributed monthly, according to REBNY. The next release is scheduled for early February.
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