The comment below is unacceptable because of the lined out sentence.  There are  plenty of reliable data regarding the effect of COVID-19 on the residential real estate market.  Without the lined out sentence, the comment is a decent boilerplate.


Improper Analysis

At the time of the appraisal, COVID-19 was having widespread health and economic impacts. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value.


Minimal Analysis

Listings and sales are both down considerably year-over-year because of Covid-19.  Prices are fairly stable with a small increase year-over-year.  Even with reduced sales there is a shortage of inventory.  (Date source – FMLS)


Detailed Analysis

Prices in Duluth are higher in the previous four quarters than in the corresponding quarters of the previous year.  The average increase was 5.1% year-over-year.  The current quarter shows a year-over-year increase of 7.7%.  Due to COVID-19, listings are down dramatically. (~126%).  Current supply is a miniscule 1.18 months.  In the past month, there have been 85 new listings, but 89 homes were changed to pending.  Homes are going under contract faster than they are being listed.  (Date source – FMLS)


Modified:  11/15/2020