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12 <br /> Market Sales Statistics — NCDOR Annual Report <br /> (continued) <br /> What does this mean? <br /> • To quote Chris McLaughlin, University of North Carolina School of Government Professor: <br /> "in 2022,the country is a couple of years into its recovery from the"COVID Recession"and real estate prices are BOOMING.Home <br /> prices in North Carolina increased 45% from March 2020 to March 2022 and continue to pick up steam." (from Blog:Sales <br /> Assessment Ratios Plummet,5/17/2022 https://canons.sog.unc.edu/2022/05/sales-assessment-ratios-plummet/) <br /> • As is evident by the significant change in Sales Ratio from 2021 at 98.66% to our current estimated 64.80%, sale <br /> prices continue to climb in Orange County. If the trend continues, properties could experience a substantial <br /> increase in values county-wide in the 2025 Revaluation, similar to what was experienced in the 2021 <br /> Revaluation. <br /> • Since Orange chooses to reappraise every four years,we are not required to advance the 2025 reappraisal. <br /> However,we could not choose to postpone the revaluation because the 2022 sales ratio is below 85%. <br /> - <br /> r, <br />