An area sales analysis is a listing of property sales in a given area or neighborhood that have occurred during a specified time. In Maryland, all sales are recorded with the local assessment office as deeds transferring the property are recorded with the Clerk of the Court. These sales are reviewed and the sales that are considered to be valid, arms-length transactions are included on the area sales analysis report. Land Area - Total land area expressed in square feet, number of acres or simply as the number of building sites. The Area Sales Analysis is used as a part of our valuation process.
Residential property is valued using both a cost model and a sales comparison model.
The basic concept of the sales comparison model is that the estimated market value of a property equals the sale price of a comparable property after adjustments for differences are made. For example, if Property X has a garage but the comparable has none, the value of the garage would be added to the comparable's sale price. The result would be evidence of what Property X's selling price might be. Assessors use more than one comparable to determine values using the sales approach. They also use more complex models that incorporate many more factors.