We have always been taught that to offer a true CMA (Comparative Market Analysis), we must look towards similarly sized properties, in a radius of one mile or same zip code, same elementary school, etc. that have sold in the last 3 - 6 months. Years ago, it was the past year, but with the then economic climate going downhill on a continual basis, it slowly became 6 months, 3 months, and now back to 6 months.. I have even heard some appraisers compare to the past year in a complex...
That aside, what we are seeing in Larchmont for example. where we experienced so many multiple bids this past spring market, that those homes that are pending are the NEW CMA stats. Nothing sold, but rumors abound, and so when pricing a home for listing purposes, or even for purchase.. we must now look at those homes in conditional contract, and that are pending as THOSE are the new comps...
In Larchmont, there are currently 14 properties priced between $1 Million to $3 Million that are in conditional contract, and 25 properties that are pending in that same price range (per the EAMLS as of 6/29/2013)...
While I was trying to price a home for purchase in the $1.6 range, the comparative (sold homes) were in the $1.3- $1.4 range BUT when I looked towards those homes that are pending, they told a quite different story...
SO, in this ever changing market - we must also look to the future and not stay in the past...
Larchmont is GREAT!
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