After three consecutive record low quarters, broker confidence recovered in Q4 2020, according to The Real Estate Board of New York.
As of Q4, REBNY's Quarterly Real Estate Broker Confidence Index was 4.35 out of 10, a 41% increase since its lowest point on record in the previous quarter. That was still a 37% drop year-over-year. In the survey, brokers reflect on their professional dealings and report their outlook on an index of 0 to 10. In Q4 2016, broker confidence was at 6.00.
Brokers feel like the market has bottomed out and is now starting to recover. That was indicated in the future broker confidence index for six months from now. It rose 44% to 5.07, a 44% increase from Q3. In Q4 2016, confidence was at 5.97.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
