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How to read a Comparable Sales Report

 

The following is a brief explanation of how to read the Comparable Sales Report.  This sheet is often referred to as the “comp sheet”.

Your property is referred to as the “Subject” property and is listed on the left side of the Comp sheet.  Its property characteristics are listed from top to bottom.  The comparable properties are listed to the right in the columns labeled “Comp 1, Comp 2, etc.  The property characteristics for these comparable properties are also listed from top to bottom.  The most common questions about the comp sheet refer to the row title meanings.  The following is a list that covers some of the most commonly asked questions.

 

MS Style – This is a story height description.

 

Arch Style-This is the architectural style of the dwelling.  Examples are ranch, bungalow, etc.

 

Year Built-This is an estimate of the effective year built.  This is generally the actual year built unless there have been substantial additions to the property since that time.

 

Quality/CDU/Cond

Quality -This is the quality of construction/materials quality of the structure and workmanship when it was built.

CDU - Condition, Desirability, and Utility rating.  CDU is a locational rating based on the market area in which the property is located.

Condition - Physical condition is the condition of the property as a whole relative to its age.

 

Bed/Full/Half/TotFix – This is a listing of the number of bedrooms (above ground), full bathrooms, half bathrooms, and total plumbing fixtures. Examples of plumbing fixtures are sinks, water heaters, tubs, toilets, etc.

 

Bsmt Area/High/Low Quality – This is a listing of the number of square feet of basement. The number of square feet of both high quality finish (generally associated with walkout basements) and square feet of low quality finish.

 

Upper Floor Living Area – This is the number of square feet of upper floor area.

 

Main Floor Living Area – This is the number of square feet of main floor living area.

 

Total Living Area – Total living area (above ground) of the dwelling.

 

Garage Area Att/Det – This is the area of the attached garage and the detached garage.

 

Land Value – This is the value of the land as determined by sales of vacant parcels in an area similar to the subject property.

 

OBY Cost – This is the depreciated cost value of other buildings and yard improvements.

 

Building RCNLD (Replacement Cost New Less Depreciation)This is the depreciated replacement cost value of the dwelling.

 

Total Cost Value – This is the total value of land plus depreciated cost of improvements.

 

MRA Value – This is the market value based on a sum of values for each relevant characteristic of the property.

 

Adjusted Sale Price – This is the sale price of each comparable adjusted for differences between each sale and the subject.  The total amount of adjustment is the difference between the MRA value of the comparable and the MRA value of the subject.

 

Comparability – This is an indicator of the relative similarity of the comparables to the subject property.  A low number indicates few differences between the comparable and subject property.

 

Weighted Estimate – This is the market value using the comparable sales with greater emphasis put on the sales that are most similar to the subject.

 

Comp Sales Value – This is the market value of the subject property based on the sales of comparable properties.  This number is the result of taking the MRA value of the subject, the weighted estimate value, and the 5 adjusted sale prices of the comparables then eliminating the two high values as well as the two low values and averaging the remaining three values.