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New York

Residential brokers’ confidence turned around in early 2017

Outlook turned positive for first time in a year

Confidence among the city’s residential brokers rose in the beginning of 2017 for the first time in a year.

According to the Real Estate Board of New York’s survey, residential brokers’ confidence ticked up slightly in the first quarter, following a year-long slide beginning in early 2016, the Wall Street Journal reported.

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Activity during the first quarter may have helped boost brokers’ outlooks. The number of contracts signed on apartments and townhouses climbed 3.9 percent during the first four months of the year compared to the same time in 2016, according to the real estate data website UrbanDigs.com.

A weak rental market, however, tamped down on brokers’ enthusiasm, though brokers are a bit more optimistic on the market’s outlook six months from now.

Confidence among commercial brokers declined during the first quarter over concerns about the leasing and financing markets. [WSJ] – Rich Bockmann