Jun
09

New York City Consumer Confidence Up

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Consumer confidence has always been, in my opinion, one of the major leading indicators for the real estate market in New York City. When people feel bullish about the future they are more likely to buy a coop or condo in Manhattan. Great news for sellers.

Overall Consumer Confidence increased in eight of nine New York State MSA’s (metropolitan statistical areas) in the fourth quarter of 2010, according to the latest Quarterly Consumer Confidence survey released today by the Siena (College) Research Institute (SRI).  At 70.4, the New York City region had the highest overall consumer confidence of the nine regions, and the Binghamton region had the lowest, at 58.4.  Current and future confidence increased in eight of the nine regions. 

  • New York City region had the highest overall consumer confidence of the nine regions
  • Consumers in New York City and Long Island are most bullish about the future
  • With this consumer stability and in some case increased optimism, we have pent up demand beginning to register in plans to buy especially computers and furniture with home buying showing some signs of life.

Although the May report shows a decrease of current confidence 66.3, there was an increase in future confidence to 72.7

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