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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Current Market Conditions <br />Our research has shown that although sales prices have been on the rise since 2017, the number of sales is <br />declining. Data indicates that the number of sales is continuing to slow for the first quarter of 2020 as <br />compared to the number of sales for the same time period in 2019. Most notable is the decrease in the month <br />of April, which has declined by about 50% whereas the average decline for the prior three months was about <br />24%. In addition, in looking at the raw data for the first quarter, we see that overall sale prices have been <br />higher in 2020 than 2019 with the exception of April, where there has been a noticeable decline in the sale <br />prices. <br /> <br />We believe the more significant change in data for the end of the first quarter is most likely due to the <br />shutdown necessitated by the Covid-19 Crisis. This crisis has had an impact on our economy and may also have <br />an effect on property values for the 2021 Revaluation. We must continue to monitor sales to know if the <br />Covid-19 Crisis will have a lasting impact on the sales market for the January 1, 2021 revaluation date. We will <br />look to sales data from May through the end of the year to dictate the market’s reaction to the <br />shutdown/restart. The effect may be seen in the number of sales decreasing more, the length of time a <br />property is on the market increasing, and the sales price dropping. <br /> <br />While the value of most properties is established by the sales approach, another method of establishing the <br />value of properties is by using the income approach. The shutdown due to the Covid-19 Crisis may have an <br />effect on properties whose values are typically established based on income, such as commercial properties. <br />This may lead to additional appeals as commercial properties strive to provide data that reflects the effects of <br />the crisis on their businesses, such as restaurants, hotels, and multi-family housing. <br /> <br />Revaluation Process <br />Field reviews for the 2021 revaluation are in process, 66% completed, and are expected to be complete by <br />October 2020. Although the appraisers have been working in the field, for their safety and to comply with the <br />restrictions put in place to flatten the curve, the appraisers have worked from their vehicles to do as much <br />field work as possible. As of May 11th, we have been able to provide needed personal protective equipment <br />2019 Median Sales Ratio – 0.889 <br />2018 Median Sales Ratio – 0.91 <br /> <br />2019 Qualified Sales – 217 <br />2018 Qualified Sales – 421 <br /> <br />2019 Coefficient of Dispersion – 9.85 <br />2018 Coefficient of Dispersion – 12.99 <br />2