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3 <br />SALES RATIO ANALYSIS <br />In order to produce a thorough analysis of the sales that occurred in 2009 as compared to <br />the assessed values in 2009, three different sources were utilized; the database defined by <br />the North Cazolina Department of Revenue and the basis for the annual state sales ratio <br />analysis, the county sales database, and county sales from the local multiple listing <br />service. All three sources produced very similar results as shown below: <br />North Carolina Department of Revenue Sales Study <br /># of sales: 245 <br />Average ratio of assessed value to sale price: 100% <br />Median ratio of assessed value to sale price: 98.60% <br />Measure of how closely values cluster around the median *(COD): 12.64 <br />*The statistical measure of how closely values cluster around the median is known as the coefficient of dispersion <br />(COD). The lower the COD the more consistently the assessed values cluster around the sales, so the lower the COD <br />the better the revaluation results. The state considers any COD of 20 and below to be acceptable. Orange County has <br />always maintained a COD well below 20. <br />County Sales Database <br /># of sales: 1,326 <br />Average ratio of assessed value to sale price: 98.81 <br />Median ratio of assessed value to sale price: 98.87% <br />Measure of how closely values cluster around the median (COD): 10.06 <br />Sales from Multiple Listing Service <br /># of sales: 1,201 <br />Average ratio of assessed value to sale price: 100.40% <br />Median ratio of assessed value to sale price: 100.00% <br />Measure of how closely values cluster around the median (COD): 9.68 <br />Reconciliation: Indications are that the county real estate market has overall remained <br />flat through 2009, and the revaluation values overall continue to be fair, equitable, and <br />reflective of the current market. <br />