The Real Deal New York

Broker confidence highest since 2012: REBNY

Shrinking supply and rising demand keep pushing prices up
February 10, 2015 02:50PM

New York City brokers are more bullish on the real estate market than they’ve been in two years. Broker confidence is at its highest since the spring of 2012, the first year that Real Estate Board of New York began taking brokers’ temperatures on market strength.

Broker confidence overall rose to 9.22 in the fourth quarter of 2014, up from 8.8 in the third quarter, according to a REBNY survey. The index is also up from 9 during the fourth quarter of 2013.

Confidence among residential brokers polled was at 8.85, with sales brokers more bullish than those dealing with rentals. On the commercial side, brokers were even more optimistic, with an index of 9.6. The confidence in both the residential and commercial sectors was up from the third quarter.

“This high level of broker confidence across the board, signals a strong and thriving market as we dive further into 2015,” said REBNY president Steven Spinola. — Tess Hofmann