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Market Analysis and Comparative Market Analysis (CMA) Flashcards

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  1. What is a Comparative Market Analysis (CMA) and what is its primary purpose?

    Answer: An agent-prepared analysis using recent comparable sales to estimate a property's market value

    A CMA uses recently sold, active, and expired comparable properties to help sellers price accurately or buyers determine a fair offer price.

  2. In a CMA, what does a 'pending' listing indicate?

    Answer: A property is under contract but has not yet closed

    Pending sales reflect accepted offers and provide the most current signal of where the market is heading, though they can't be relied upon as closed comparables until final sale prices are available.

  3. What is the primary criteria for selecting comparable sales in a residential CMA?

    Answer: Properties that are similar in size, age, condition, features, and location, sold recently

    Comps must mirror the subject property in key physical and locational attributes to produce a meaningful and defensible market value estimate.

  4. What does 'days on market' (DOM) indicate in a CMA analysis?

    Answer: How long a property took to go under contract, indicating demand and pricing accuracy

    High DOM can signal overpricing or buyer hesitation; low DOM suggests strong demand, helping agents advise sellers on competitive pricing strategy.

  5. What adjustment is typically made in a CMA when a comparable property has a garage and the subject property does not?

    Answer: Deduct the estimated value of the garage from the comparable's sale price

    When a comparable has a feature the subject lacks, its sale price is reduced by that feature's estimated value to arrive at an adjusted price more reflective of the subject property.

  6. What does 'absorption rate' measure in a real estate market analysis?

    Answer: How quickly available homes are being sold in a given market over a specific period

    Absorption rate = homes sold per month / total homes available; it tells agents whether the market favors buyers or sellers and helps set realistic pricing and timeline expectations.

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