Broker confidence in the New York City real estate market rose to record levels during the second quarter of 2021, attaining new peaks in both residential and commercial sectors, according to a report from the Real Estate Board of New York (REBNY), the City’s real estate trade association.
REBNY’s Quarterly Real Estate Broker Confidence Index, New York City’s broker confidence report, surveys REBNY’s residential and commercial brokerage members to measure their confidence in the New York City real estate market across the five boroughs.
Residential brokers expressed record confidence in both current and future market conditions, according to the report.
The Current Conditions Index (CCI) rose to 60.0 in the second quarter, up from 28.3 in the first quarter and attaining the highest score in the last five years. The Expectations Index (EXI) for the residential sector jumped to 55.8, up from 44.1 in the previous quarter, also a new peak.
Commercial brokers were also highly optimistic, said in the report.
The Current Conditions Index (CCI) jumped to 20.8, rising from -23.3 in the first quarter and ending five consecutive quarters in negative territory. The CCI among commercial brokers still fell short of the prior peak of 34.1 in the first quarter of 2019. The Expectations Index (EXI) spiked to a new record, though, surging to 52.5.
“This renewed and record-level optimism exhibited by brokers this past quarter is driven by increased vaccination rates and the return of domestic tourists and entertainment throughout the City, indicating that a strong recovery is underway,” said REBNY President James Whelan.
“Now is the time to build on this momentum with a focus on further boosting vaccination rates and adopting smart public policies that drive our recovery forward,” he added.