What is a Comparative Market Analysis (CMA)?

A comparative market analysis (CMA) is a report created by real estate professionals to determine the current market value of a property.  Although CMA reports may include a variety of different listings (outlined below), SOKOLICH REAL ESTATE focuses on comparable properties that recently sold as the most accurate barometer to gauge a property’s current value. While some CMA's include some of the listings below, recently sold listings are the most valuable part of any CMA.

 

  • Active listings: These are the homes that are currently for sale in your area.

  • Pending listings: These are formerly active listings that are under contract but have not yet closed.

  • Sold listings: This includes homes that have closed within the past six months in your area. The sold listings are very important because they will help you determine your market value, which will in turn help you figure out the best listing price. These are the comparable sales that an appraiser would use when appraising your home.

  • Off-Market, Withdrawn or Canceled listings: These are properties that were taken off the market for one reason or another. Generally, sellers take their homes off the market because the asking price was too high. These listings may give you an idea of how much is too much to ask for your home.

  • Expired listings: These are the listings that did not sell within a certain amount of time (generally 90 days), so they ultimately expired. These listings generally represent overpriced homes, as well.

For more information regarding SOKOLICH REAL ESTATE's CMA reports or to request a CMA of your property, please give us a call at (201) 664-4444.