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 what the row titles stand for. The following is a list that covers some of the most commonly asked questions.
MFLA / UFLA – MFLA indicates the Main Floor Living Area, which is the square footage of living area on the main floor which includes any additions which have living area. All areas are based on exterior measurements. UFLA indicates the Upper Floor Living Area, which includes finished attics as well as the upper floor area in 1 ½ or 2 story dwellings.
Bed# /FBath/HBath/Total Fixt – This is a listing of the number of bedrooms, full bathrooms, half bathrooms, and total plumbing fixtures for the entire dwelling.. Examples of plumbing fixtures are sinks, water heaters, tubs, toilets, etc.
HVAC – This indicates the type of heating and cooling system listed for the dwelling.
Bsmt Size / Finish:Hi/Lo – This is a listing of the square feet of the basement area along with the square feet of the good quality and lower quality basement finish.
Qual /CDU / Phy – Quality -This is a listing of construction quality when built. Quality ratings range from Excellent + to Low -. CDU - Condition, Desirability, and Utility rating. CDU is a locational rating based on the market area the property is located in. CDU ratings range from Excellent to Undesirable. Physical condition is based on the condition of the property relative to its age
Garage: Att / Det / BsmtGrg – This is the area of the Attached Garage, the Detached Garage, and Basement Garage.
Porch-Open / Enc / Deck – This indicates the square footage listed for any open or enclosed porch as well as any deck.
Land Value – This is the value of the land as determined by the annual land analysis.
Bldg Cost – This is the estimated value of the dwelling based on current construction costs less an allowance for loss in value ( depreciation ) for all causes as determined from an analysis of the market.
Dwlg Other Impr Value – This is the estimated depreciated value of the outbuilding and yard improvements.
Total Cost – Total market value of land and improvements by way of the cost approach.
Sale Date & Sale Price – The sale date and sale price for each comparable is listed.
MRA Estimate – A composite estimate of market value based on analysis of local sales of dwellings to determine the relative contributory value of various property characteristics.
Adj Sale Price – Since the properties chosen as comparable sales will be used to estimate the value of the subject property, and since these properties are rarely if ever identical to the subject property, the sales price must be adjusted to account for these differences before they can be used as estimates of value. Any inflationary or deflationary trends in the local real estate market will also be reflected in the adjusted sales prices.
Wtd Estimate – A weighted average of the adjusted sale prices, weighted by the degree of comparability.
Prior Value – The total value assigned to the parcel the previous year.
Market Value – The estimate of fair market value of the subject property based on the sales of comparable properties
Indexed Value – The indexed value is reached mathematically by applying the percentage of increase on sales in that neighborhood group, to the value on that parcel for the prior year, there by adding the overall average increase for the year to the previous value.
Distance Points – An indicator of the relative similarity of the sale properties to the subject property..