A Comparative Market Analysis (CMA) is an analysis of nearby recently sold homes (comparables) that helps establish a price range for a home. That price range helps determine the offer price or listing price of a home.
CMAs are performed by real estate agents, buyers and sellers by finding homes that are similar to the home being bought or sold. It is important to use homes that have sold in the last few months or are actively for sale to indicate the current market conditions. By comparing sale price, age, size, location, condition and amenities, an estimate of the home’s value can be obtained.