Consumer Confidence "UP"!

Consumer sentiment towards the real estate market both current and future increased by about twenty points and rebounded from a two-year low last quarter to a two-year high,” according to Dr. Don Levy, Director of the Siena Research Institute. “Today just over a quarter of New Yorkers say the market has improved at least a little up from only one in seven last quarter. While many residents continue to be pessimistic about housing values, the percentage that now view the real estate glass as half empty has fallen from nearly half to only thirty-eight percent. The overall current sentiment score remains negative but this upturn demonstrates that along with stronger consumer confidence the mood towards real estate has risen dramatically.”

1st Quarter 2012

Real Estate Sentiment:

1st Quarter 2012

NYC

Suburbs

Upstate

Overall Current

-19.6 (22.1)

-16.1 (22.5)

-24.2 (27.9)

-21.0 (17.3)

Overall Future

22.7 (18.4)

29.4 (24.3)

22.4 (20.3)

14.4 (9.7)

Sell Current

-30.9 (19.9)

-26.2 (25.4)

-37.1 (12.9)

-32.8 (17.7)

Sell Future

21.1 (17.9)

27.8 (23.8)

21.4 (18.0)

11.8 (9.7)

Buy Current

33.4 (4.2)

32.7 (9.5)

41.0 (-0.1)

29.4 (0.1)

Buy Future

22.2 (6.2)

23.1 (11.6)

23.9 (3.3)

19.8 (0.8)

 “The overall current Real Estate Sentiment score among New Yorkers in the first quarter of 2012 is -19.6, below the point where equal percentages of citizens feel optimistic and pessimistic about the housing market and it is up 22.1 points from last quarter. Looking forward, the overall future Real Estate Sentiment score is 22.7 (up from 4.3 last quarter) indicating that New Yorkers expect the overall real estate market and the value of property to increase over the next year. Consumers see now as a poor time to sell with a score significantly below breakeven at -30.9, but as a very good time to buy with a high positive score of 33.4.”

Overall Current

Overall Future

Sell Current

Sell Future

Buy Current

Buy Future

NEW YORK STATE

-19.6

22.7

-30.9

21.1

33.4

22.2

NYC

-16.1

29.4

-26.2

27.8

32.7

23.1

Suburbs

-24.2

22.4

-37.1

21.4

41.0

23.9

Upstate

-21.0

14.4

-32.8

11.8

29.4

19.8

Male

-19.3

21.7

-27.4

22.0

40.4

22.8

Female

-19.9

23.6

-33.8

20.2

27.3

21.6

Less than $50,000

-24.9

20.5

-35.9

18.0

21.9

18.3

$50,000-$100,000

-19.5

25.3

-32.4

20.8

42.3

29.0

$100,000 or more

-9.9

25.8

-15.2

29.9

45.6

22.3

Homeowner

-18.8

24.1

-32.2

22.1

38.9

23.8

Renter

-19.4

19.4

-24.9

20.7

25.8

19.7

“New Yorkers remain bullish on prospects for real estate buyers. Whether assessing the current or future market conditions, residents believe things have gotten better and will improve for buyers. After a dismal view last quarter, the common wisdom is that difficult conditions for sellers have improved and will continue to move in a more positive direction.”

Courtesy of the Siena Research Institute

Suzanne Dingley

Suzanne Dingley

Licensed Associate Real Estate Broker
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