In Q1 2021, broker confidence increased 53% in New York City, rising for the second straight quarter after hitting record lows at the height of the pandemic.
According to the Real Estate Board of New York (REBNY) Q1 2021 Quarterly Real Estate Broker Confidence Index, the overall real estate broker confidence index is 6.66 out of 10. That is its highest level since Q4 2019 and a 79%-increase year-over-year.
Present situation broker confidence increased 55% since Q4 2020 to 5.25. That is the highest level since the pandemic began and an 85% increase year-over-year. "This surge in broker confidence is happening alongside encouraging signs in our city, the overall economy, and particularly the real estate market where commercial and residential market activity are exhibiting clear signs of momentum," said REBNY President James Whelan in prepared remarks. "It is critical to seize this moment so that New York comes back stronger than ever."
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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.
