A “Comparative Market Analysis” is an analysis of recently closed sales on the Multiple Listing Service (MLS) that are similar to the subject property. The report includes the bathrooms, bedrooms, closed sales price, days on market, interior square-feet, list price, and median sales price.
Buyers use a CMA to determine a fair price to offer on a property.
Sellers use it to determine the market value of their property to arrive at an appropriate list price.
Note: A CMA is not the same as an “appraisal”, which is a thorough analysis & report generally used by Mortgage and appraisal companies for refinancing and appraisal purposes.