A score measuring real-estate sentiment in New York hit the highest point in its three-year history during the fourth quarter of 2012 — and upstate New York was not left out of the burgeoning readings.
In fact, Upstate’s overall current real-estate sentiment score outpaced optimism in the state as a whole. It leapt 16.9 points to 7.4 during the quarter, while statewide current sentiment jumped 11.9 points to 5.1.
The changes are significant because they moved the real-estate sentiment scores above their break-even point of zero. Scores above zero mean residents are more optimistic about the market, while scores below zero mean they are more pessimistic.
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“This is one of the nicest, strongest pieces of economic news that we’ve put out in quite some time,” SRI Director Donald Levy says. “Every single one of the indicators is both moving in the positive direction and moving toward the thriving zone.”
Upstate residents grew more confident about the future of the overall market as well. They pushed the region’s overall future sentiment score up by 1.5 points to 22.9. That kept pace with the statewide future score, which rose 1.2 points to 27.9.
SRI also measured opinions about buying and selling homes. Current conditions are more hospitable to buyers, but the market is changing, according to the institute’s findings.
The current selling score for Upstate moved up 8.7 points to -17.7, while the current buying score slipped 1.9 points to 24.1. Upstate’s future selling score swelled 5.1 points to 18.5. Its future buying score gained 4.1 points to 14.5.
“The collective opinion is that real estate is quickly coming back to being a strong, prudent investment in which real-estate commerce is not at gunpoint but rather a place where a willing seller and a willing buyer come together and everybody wins,” Levy says. “Everybody feels good.”
SRI polled 2,414 New York residents over the age of 18 in October, November, and December to develop its real-estate sentiment scores.
Contact Seltzer at rseltzer@cnybj.com
