---
aliases: ["Comparative Market Analysis"]
tags: [pm-skills, skill]
skill: comparative-market-analysis
description: "Build a comparative market analysis (CMA) to price a property. Use when asked to do a CMA, a comparative market analysis, price a home, or estimate a property's value from comparables. Produces a structured CMA — the subject property, selected comparables with adjustments, an estimated value range, market context, and a pricing recommendation with rationale — for a real-estate professional to review. Not a formal appraisal."
---

# Comparative Market Analysis Skill

A CMA prices a home the way the market actually values it: against recent, similar, nearby sales — adjusted for
the differences. This skill structures that analysis so the number is **defensible**: the comparables chosen and
why, the adjustments made, the resulting range, and a pricing recommendation tied to the seller's goal.

> **Note:** this is a pricing-analysis aid for a real-estate professional, **not a formal appraisal or
> financial/legal advice**. It works from the comparables and figures you provide; valuation depends on local
> market data and professional judgement. Never invent comp sales or prices — use the data given or mark it to source.

## Working from a brief

Given a subject property and a few comps, **build the CMA anyway** — structure the analysis, apply reasoned
adjustments, and give a range, marking any figure to source *(confirm with MLS/records)*. Where comps are
missing, explain what to pull rather than inventing sales. Never fabricate comparable prices.

## Required Inputs

Ask for these only if they aren't already provided (else mark to source):

- **Subject property** — address/area, type, beds/baths, size, lot, condition, and notable features.
- **Comparables** — recent nearby sales (and ideally active/pending) with their key attributes and sale prices.
- **Market context** — local trend (rising/flat/falling), inventory, and days-on-market if known.
- **Goal & timeline** — sell fast vs. maximise price, and any deadline.

## Output Format

### CMA: [subject property]

**1. Subject property** — the key attributes summarised.

**2. Comparables** — a table of the comps used, with adjustments toward the subject:

| Comp | Sold price | Date | Beds/Baths | Size | Key differences | Adjustment | Adjusted price |
|---|---|---|---|---|---|---|---|

  Explain the adjustment logic (e.g. +/- for size, condition, extra bath, garage, view) — directionally and why.

**3. Market context** — the trend, inventory, and absorption, and what it means for pricing now.

**4. Estimated value range** — a supported range from the adjusted comps (not a single false-precision number), with the most-likely figure.

**5. Pricing recommendation** — a list price tied to the goal (e.g. price at market for speed, slightly under for multiple offers, at the top of range to test) — with the trade-off of each.

**6. Caveats** — data to confirm, and a note that a formal appraisal/agent review is needed.

## Quality Checks

- [ ] Comps are genuinely comparable (recent, nearby, similar) — or the limitation is flagged
- [ ] Adjustments are explained directionally with rationale, not hand-waved
- [ ] The output is a supported **range**, not a single false-precision number
- [ ] The pricing recommendation ties to the seller's goal and states the trade-off
- [ ] Market trend/inventory context informs the recommendation
- [ ] No comp sales or prices are invented; figures to source are flagged

## Anti-Patterns

- [ ] Do not invent comparable sales or prices — use provided data or say what to pull
- [ ] Do not give a single exact value with false precision — give a supported range
- [ ] Do not skip adjustments — raw comp prices ignore the differences that matter
- [ ] Do not ignore the market trend — a stale comp in a moving market misleads
- [ ] Do not present this as a formal appraisal — flag for professional review

## Based On

Real-estate valuation practice — comparable-sales analysis with feature adjustments, market-context weighting, and goal-aligned pricing (CMA, not a formal appraisal).

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