What Is a Comparative Market Analysis (CMA) on Long Island?
Learn how a Long Island CMA uses comparable sales, active competition, property condition and market activity to evaluate a home.
Comparable sales—often called comps—are recently sold properties used to help evaluate another home’s potential market position.
Part of the Long Island Seller Guide: Start with the Home Pricing Guide, or browse all resources from the Long Island Home Seller Guide.
What Makes a Property Comparable?
Relevant factors include location, property type, living area, lot size, bedrooms, bathrooms, condition, renovations, garage, basement and taxes.
Closed Sales vs. Active Listings
Closed sales show completed buyer behavior. Active listings show current competition and seller expectations, but not what the market has agreed to pay.
How Close and How Recent?
Nearby and recent sales are usually useful, but school districts, villages, waterfront areas, major roads and changing market conditions can make a more distant or older sale less relevant.
Why Condition Matters
A renovated home should not automatically establish the value of a property requiring major work. Condition changes buyer demand, financing and expected costs.
Can I Use Price Per Square Foot?
Price per square foot is one data point, not a complete valuation method. Layout, lot, taxes, condition and location can create major differences.
What Is After-Repair Value?
ARV estimates potential value after renovation using relevant renovated sales. It is not a guaranteed future price.
Get a Confidential Long Island Property Review
Montauk Dunes Real Estate can review the property’s location, condition, comparable sales, likely buyer demand and available selling paths. Legal, tax, inspection and specialized property questions should be addressed by the appropriate qualified professionals.