Comparative Market Analysis

Subject Property: [[Subject Property Full Address]], [[City]], [[State]] [[ZIP Code]]
Prepared For: [[Client Name / Listing Agent / Seller Name]]
Prepared By: [[Agent or Broker Name and Company]]
Report Date: [[Report Date]]
Analysis Effective Date: [[Effective Date of Analysis]]

This Comparative Market Analysis (CMA) provides an estimate of the probable selling price range for the subject property based on recent sales of similar properties, current market conditions, and adjustments for differences. A CMA is an informal analysis prepared by a real estate professional and is not an appraisal. It does not conform to the Uniform Standards of Professional Appraisal Practice (USPAP) and should not be used as a substitute for a licensed appraiser's opinion of value.

1. Subject Property Details

Property Type: [[Single Family / Condo / Townhouse / Multi-Family / Other]]
Year Built: [[Year Built]]
Gross Living Area (GLA): [[Subject GLA in Sq Ft]] square feet
Bedrooms: [[Subject Bedrooms]]
Bathrooms: [[Subject Full Baths]] full / [[Subject Half Baths]] half
Lot Size: [[Subject Lot Size Acres or Sq Ft]]
Garage: [[Attached / Detached / None]], [[Garage Spaces]] spaces
Condition: [[Excellent / Good / Average / Fair / Poor]], details: [[Subject Condition Notes]]
Age / Effective Age: [[Subject Age]] years / effective [[Effective Age]]
Location / Neighborhood: [[Neighborhood or Subdivision Name]], proximity to [[Key Amenities or Features]]
Key Features: [[List major features e.g. updated kitchen, pool, views, school district]]
Zoning / Use: [[Residential / Other]], [[Any special zoning notes]]
HOA / Condo Fees: [[Monthly HOA or Condo Fee Amount or None]], [[HOA Name if applicable]]

Ownership / Occupancy at Analysis: [[Owner Occupied / Tenant Occupied / Vacant]]
Listing Status: [[Not Currently Listed / Listed at $[[Current List Price]] since [[List Date]]]]

Recent Upgrades / Capital Improvements (last 5 years):
[[Describe recent upgrades or "None disclosed"]]

2. Closed Comparable Sales (3-6 Sales within Approximately 6 Months)

All comparables are closed arm's-length transactions. Selection criteria: similar property type, GLA within approximately +/- 25%, bedrooms/baths close, location within [[Radius Miles]] miles or same/adjacent neighborhoods, sale within last 6 months where possible.

Comparable 1
- Address: [[Comp 1 Full Address]]
- Sale Date: [[Comp 1 Sale Date]]
- Sale Price: $[[Comp 1 Sale Price]]
- GLA: [[Comp 1 GLA]] sq ft
- Beds/Baths: [[Comp 1 Beds]] / [[Comp 1 Baths]]
- Lot: [[Comp 1 Lot Size]]
- Garage: [[Comp 1 Garage]]
- Year Built / Age: [[Comp 1 Year Built]]
- Condition: [[Comp 1 Condition]]
- DOM (Days on Market): [[Comp 1 DOM]]
- Price per Sq Ft (unadjusted): $[[Comp 1 Price per Sq Ft]]

Comparable 2
- Address: [[Comp 2 Full Address]]
- Sale Date: [[Comp 2 Sale Date]]
- Sale Price: $[[Comp 2 Sale Price]]
- GLA: [[Comp 2 GLA]] sq ft
- Beds/Baths: [[Comp 2 Beds]] / [[Comp 2 Baths]]
- Lot: [[Comp 2 Lot Size]]
- Garage: [[Comp 2 Garage]]
- Year Built / Age: [[Comp 2 Year Built]]
- Condition: [[Comp 2 Condition]]
- DOM: [[Comp 2 DOM]]
- Price per Sq Ft (unadjusted): $[[Comp 2 Price per Sq Ft]]

Comparable 3
- Address: [[Comp 3 Full Address]]
- Sale Date: [[Comp 3 Sale Date]]
- Sale Price: $[[Comp 3 Sale Price]]
- GLA: [[Comp 3 GLA]] sq ft
- Beds/Baths: [[Comp 3 Beds]] / [[Comp 3 Baths]]
- Lot: [[Comp 3 Lot Size]]
- Garage: [[Comp 3 Garage]]
- Year Built / Age: [[Comp 3 Year Built]]
- Condition: [[Comp 3 Condition]]
- DOM: [[Comp 3 DOM]]
- Price per Sq Ft (unadjusted): $[[Comp 3 Price per Sq Ft]]

Comparable 4
- Address: [[Comp 4 Full Address]]
- Sale Date: [[Comp 4 Sale Date]]
- Sale Price: $[[Comp 4 Sale Price]]
- GLA: [[Comp 4 GLA]] sq ft
- Beds/Baths: [[Comp 4 Beds]] / [[Comp 4 Baths]]
- Lot: [[Comp 4 Lot Size]]
- Garage: [[Comp 4 Garage]]
- Year Built / Age: [[Comp 4 Year Built]]
- Condition: [[Comp 4 Condition]]
- DOM: [[Comp 4 DOM]]
- Price per Sq Ft (unadjusted): $[[Comp 4 Price per Sq Ft]]

Comparable 5
- Address: [[Comp 5 Full Address]]
- Sale Date: [[Comp 5 Sale Date]]
- Sale Price: $[[Comp 5 Sale Price]]
- GLA: [[Comp 5 GLA]] sq ft
- Beds/Baths: [[Comp 5 Beds]] / [[Comp 5 Baths]]
- Lot: [[Comp 5 Lot Size]]
- Garage: [[Comp 5 Garage]]
- Year Built / Age: [[Comp 5 Year Built]]
- Condition: [[Comp 5 Condition]]
- DOM: [[Comp 5 DOM]]
- Price per Sq Ft (unadjusted): $[[Comp 5 Price per Sq Ft]]

Comparable 6 (if used)
- Address: [[Comp 6 Full Address]]
- Sale Date: [[Comp 6 Sale Date]]
- Sale Price: $[[Comp 6 Sale Price]]
- GLA: [[Comp 6 GLA]] sq ft
- Beds/Baths: [[Comp 6 Beds]] / [[Comp 6 Baths]]
- Lot: [[Comp 6 Lot Size]]
- Garage: [[Comp 6 Garage]]
- Year Built / Age: [[Comp 6 Year Built]]
- Condition: [[Comp 6 Condition]]
- DOM: [[Comp 6 DOM]]
- Price per Sq Ft (unadjusted): $[[Comp 6 Price per Sq Ft]]

3. Adjustment Grid (Market-Based Adjustments per USPAP Best Practices)

Adjustments are made to each comparable to approximate the subject. Positive adjustments increase the comparable's sale price; negative reduce it. Adjustments reflect typical market reaction in the subject area as of the effective date.

Common adjustment categories and example unit values (actual values derived from paired sales or broker experience in the market):

• GLA: $[[GLA Adjustment per Sq Ft]] per sq ft (difference)
• Bedroom: $[[Bedroom Adjustment Amount]] per bed
• Bathroom: $[[Bath Adjustment Amount]] per full bath equivalent
• Garage: $[[Garage Adjustment]] per space or type
• Lot Size: $[[Lot Adjustment per Acre or Sq Ft]]
• Age/Condition: $[[Condition/Age Adjustment]] or percentage
• Location: $[[Location Adjustment]] for superior/inferior
• Other (pool, updates, basement finish, view): market-derived

Net Adjustment Limit Guidance: Net adjustments (absolute value of all adjustments summed with sign) ideally kept under 10-15% of comparable sale price for high reliability. Gross adjustments (sum of absolute values ignoring sign) ideally under 25%. If exceeded, the comparable may receive less weight.

Adjustment Grid Summary (Dollar Adjustments Applied to Each Comp)

Reconciliation Notes on Adjustments:
[[Explain rationale for largest adjustments, any paired-sale support, and why certain comps were weighted more heavily. Note if any comp exceeded typical net/gross thresholds and how that affected weighting.]]

4. Competitive Context, Active, Pending, and Expired Listings

Current active listings provide upper-bound pricing guidance. Pending sales indicate current buyer demand at specific price points. Expired listings signal possible over-pricing or market resistance.

Active Listings (most relevant 3-4)

Pending Listings (if data available)

Expired / Withdrawn Listings (last 6-12 months, relevant)

5. Market Statistics, Price per Square Foot, Absorption, Inventory

Subject Area Price per Square Foot (Closed Sales, Recent 6 Months)
- Low: $[[PSF Low]]
- Median / Average: $[[PSF Median]]
- High: $[[PSF High]]
- Subject indicated unadjusted: $[[Subject PSF]]

Absorption Rate and Months of Inventory
- Recent monthly sales volume (average): [[Avg monthly sales]] homes per month
- Current active inventory in subject market segment: [[Active count]]
- Months of inventory: [[Months Inventory]] months (supply / demand indicator)
- < 3 months: Seller's market (prices tend to rise)
- 3-6 months: Balanced
- > 6 months: Buyer's market (prices may soften)

Average Days on Market (DOM)
- Closed comps average: [[Avg DOM closed]] days
- Current actives average: [[Avg DOM active]] days
- Absorption trend: [[Improving / Stable / Slowing]]

List-to-Sale Price Ratio (recent closed)
- Average: [[List to Sale %]]% (e.g. 97-102%)
- Implication for pricing strategy: [[Recommendation based on ratio]]

6. Adjusted Value Range and Recommended List Price

After applying market-derived adjustments and reconciling the adjusted sale prices of the comparables (weighted by similarity, recency, and adjustment magnitude):

Indicated Adjusted Value Range for Subject:
- Low end of range: $[[Indicated Low Value]]
- High end of range: $[[Indicated High Value]]
- Mid / Point estimate: $[[Indicated Mid Value]]

Recommended List Price Strategy:
Primary Recommendation: List at $[[Recommended List Price]]

Rationale and Pricing Options:
1. Aggressive pricing (quick sale, maximum buyer competition): $[[Aggressive Price]] (at or slightly below low end of adjusted range).
2. Market-balanced pricing (target 30-60 DOM): $[[Balanced Price]].
3. Premium positioning (if superior features or low inventory): $[[Premium Price]] (near high end).

Suggested Pricing Tactics:
- Initial list price should leave modest room for negotiation consistent with local list-to-sale ratios.
- Consider pre-listing inspection and any disclosed repairs to strengthen buyer confidence.
- Monitor DOM and showings in first 14-21 days; be prepared to adjust if feedback indicates price resistance.
- Price per square foot target after recommended list: approximately $[[Target PSF]].

Value Conclusion Statement
Based on the closed sales analyzed, current competition, and adjustments for material differences, the subject property's probable market value range as of the effective date is $[[Low]] to $[[High]], with a recommended listing price of $[[Recommended List Price]] to attract qualified buyers within a reasonable marketing period under current conditions.

7. Additional Analysis Notes and Limitations

• This CMA relies on data from MLS, public records, and broker knowledge. All data should be verified prior to use in negotiations or pricing decisions.
• No adjustments were made for financing concessions, personal property included in sales, or atypical motivations unless noted.
• Market conditions can change rapidly. This analysis is snapshot as of the effective date.
• For financing, estate, tax, or legal purposes, obtain a formal appraisal from a licensed/certified appraiser.
• Environmental, structural, or title issues not visible in public data or disclosed by seller can materially affect value.
• Local market nuances (school districts, new construction supply, interest rate sensitivity) were considered where data permitted.

Sources and Methodology

• Data sources: Local MLS, county assessor records, recent closed sale verification.
• Adjustment methodology: Market extraction via paired sales and broker experience (consistent with common real estate brokerage CMA practice).
• "As of" date for market data: June 2026.
• This document is a template example and not professional appraisal, legal, or financial advice. All values and conclusions must be independently verified for the specific property and current local market.

> Disclaimer: This Comparative Market Analysis is for informational and listing strategy purposes only. It is not an appraisal and does not meet USPAP requirements for a formal valuation. Consult a licensed real estate appraiser for any use requiring a defensible, USPAP-compliant opinion of value. Real estate markets fluctuate; verify all data and consult professionals before making pricing or transaction decisions.