A CMA Is Not Just a List of Neighborhood Sales
A Comparative Market Analysis, usually called a CMA, is a REALTOR®'s analysis of relevant market data used to help determine how a property is likely to compete in the current market.
A weak CMA can be generated in minutes:
Put in an address.
Choose five nearby sales.
Print a report.
Done.
Lisa does not believe that is enough.
A meaningful CMA should answer a much more useful question:
If we put this house on the market today, what alternatives will buyers compare it with, what evidence do we have from recent sales, and where should we position it to accomplish the seller's objective?
That requires looking beyond a single number. If you are just starting, the plain-language version is what is my Las Vegas home really worth.
Sold Comparables: What Buyers Actually Paid
Closed sales provide evidence of completed transactions.
Lisa looks for properties that buyers would reasonably consider alternatives to yours.
Suppose you own a 2,100-square-foot single-story Henderson home with a three-car garage and pool.
A 2,100-square-foot two-story home without a pool may be geographically close, but that doesn't automatically make it the best comparable.
The goal is not finding houses that merely share a ZIP code.
It is understanding which transactions tell us something meaningful about your property.
Active Listings: Your Current Competition
This is where sellers sometimes focus too heavily on what happened three months ago.
Your buyer is shopping today.
If the buyer can choose between your house at $625,000 and three comparable homes between $585,000 and $610,000, those competing properties matter.
Lisa wants to know:
- How do they look?
- How long have they been listed?
- What do they offer that yours does not?
- What does yours offer that they don't?
Price should not be analyzed in isolation.
Pending Homes: Where Buyers Are Saying Yes
Pending listings can be particularly informative because they show which homes have recently generated an acceptable offer.
We generally do not know the final price until closing, but buyer activity itself tells a story.
If several homes with similar characteristics go pending quickly at a particular price point, that is useful market evidence.
Expired and Withdrawn Listings: Where the Market May Have Said No
This is an overlooked part of good pricing analysis.
Suppose a comparable home was listed for $700,000 for four months and never sold.
A seller might point to it and say: “See? Their house was $700,000.”
No.
Their asking price was $700,000.
The fact that it did not sell may actually be evidence that buyers rejected that position.
Lisa wants to study both successes and failures. Sellers who lived through the price history lesson the hard way can start with what happens when you overprice a home.
Why Price per Square Foot Can Mislead You
Price per square foot is useful for pattern recognition, but it is not a substitute for valuation.
Imagine:
House A: 2,000 square feet, fully renovated, pool, excellent lot.
House B: 2,000 square feet, original condition, no pool, significant deferred maintenance.
A simplistic price-per-square-foot approach treats them as nearly identical.
Buyers won't.
Similarly, larger homes often do not increase in value at exactly the same rate per additional square foot. Land, location and fixed features also contribute to value.
Use price per square foot as a tool, not a commandment.
The CMA Should Also Consider Your Selling Goal
There isn't always one correct strategy for every seller.
A homeowner relocating for work and needing a reliable closing within six weeks may choose a different market position than a seller who is willing to wait for an unusually specific buyer.
The underlying market evidence does not change.
The strategy can.
That's an important distinction. Whether your timeline is compressed or flexible, how many days on market is too long frames how market time fits the decision.
CMA vs Appraisal
A CMA is not an appraisal.
An appraisal is performed by an appropriately licensed or certified appraiser for a specific purpose and under applicable appraisal standards.
A REALTOR® prepares a CMA as part of real-estate market analysis and pricing strategy.
A seller can encounter both during the same transaction.
For example:
Lisa prepares the CMA to help establish the listing strategy.
A financed buyer later obtains a lender-required appraisal after the property goes under contract.
Different purpose. Different professional. Different report. The home appraisal guide walks through the appraisal side, and what happens if my home appraises low covers the negotiation if the numbers do not meet.
Why Lisa Wants You to Understand the CMA
A seller should never have to accept: “Trust me, this is the number.”
Lisa wants you to understand why.
She can show you:
- What sold.
- What failed to sell.
- What is competing with you now.
- Where your property is stronger.
- Where it is weaker.
- What buyers are doing.
That gives you something far more useful than a number.
It gives you a strategy.
This guide is part of the Las Vegas Home Seller Resource Center, where pricing, preparation, marketing, offers and escrow each have their own guide.
About Lisa C Hamilton
Lisa C Hamilton has helped people buy and sell real estate in Las Vegas for more than 20 years. Her business has been built largely through referrals, and she is known for proactive preparation, strong negotiation and keeping clients informed throughout the transaction.
Lisa serves buyers and sellers throughout Las Vegas, Henderson and North Las Vegas with THE Brokerage, A Real Estate Firm®. Nevada Real Estate License: S.168195. Your Friend in the Industry.
Learn more about Lisa, contact Lisa, search Las Vegas homes, or sell with Lisa.
