Despite small declines in positive sentiment, New York real estate brokers remained confident about the state of city’s market in the first quarter of 2015, according to a new survey released this week by the Real Estate Board of New York (REBNY).
The board’s Overall Real Estate Broker Confidence Index measured 9.04, a very slight decline from Q4-2014.
The Residential Broker Confidence Index measured 8.86, virtually unchanged over the previous quarter. The survey found residential brokers continued to be positive about the robust sales market and the growing popularity of several neighborhoods. Pronounced increases in sentiment were noted in Crown Heights, Brooklyn and Riverdale, Bronx. Meanwhile, lack of inventory and rising interest rates remained a top concern across the board.
The Commercial Broker Confidence Index measured 9.24, down slightly from Q4-2014. Commercial brokers noted seeing a strong market with high sale prices throughout Manhattan, especially in Chelsea. Some predicted a need for reexamination in about six months amid concerns about the financing market.
REBNY gathered responses for the First Quarter of 2015 Broker Confidence Index Survey through an online survey sent to residential and commercial brokerage division members.
The survey asked brokers to assess their current market, predict future commissions and anticipate future financial considerations. Read some of the individual broker responses from the report here:
- “New York City is as desirable a location to live as ever.”
- “The variety of housing stock, from coops to new construction condos and the expansion throughout Upper Manhattan, Hudson Yards, TriBeCa and Brooklyn is truly remarkable.”
- “Our population numbers keep growing. An exciting time to be a New Yorker!”
- “The lack of inventory continues to be a driving force in terms of keeping prices on the rise.”
- “The market continues to be a seller’s market. If interest rates continue to stay low the rental prices will continue to rise.”
- “There is low inventory on 2-bedroom and larger apartments.”
- “We need more 1-bedroom coops to sell.”
- “Listings coming on the market in Carroll Gardens, Park Slope, Sunset Park and Bay Ridge are going into bidding wars.”
- “I see an increase of tenants moving from Manhattan and Brooklyn with a great interest to buy in Riverdale. They rent for one year while they look for properties to buy. It is a trend that started last summer and continues to grow. I think the sales market in Riverdale is going to experience a considerable increase in property value in the next years to come.”
- “Brooklyn is the new Manhattan as we see the prices go up and the areas of interest expand.”