# Comparables Sales Price

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1 Chapter 486 Comparables Sales Price Introduction Appraisers often estimate the market value (current sales price) of a subject property from a group of comparable properties that have recently sold. Since sales data are considered the best evidence of market value, this is the preferred approach to market value estimation when sales data are available. This topic is discussed in detail in Eckert (1990) and we refer you to that text for more details. This module allows you to select an appropriate subset of your sales database, such as properties in the same area of similar age and size, and specify a set of adjustment variables and their corresponding weights and adjustment values. The selected data are scanned to determine those properties (rows of the database) that are most comparable to the subject property. These comparable properties are then used to create an estimate of the market value (sales price) of the subject property. Technical Details The market value of subject property is estimated by adjusting the sales prices of comparable properties so that their attributes match those of the subject property. This adjustment may be a dollar amount, such as \$50 per square foot, or a percentage, such as 1.5% decrease for each year since the property was constructed. This sales comparison method has three general phases: 1. Select a pool of possible properties from a database of recent sales. 2. Rank these properties according to how close they are to the subject property. 3. Adjust the comparable properties so that their attributes match the subject property. Phase I Data Selection The first step is to select a group of properties to work with from the database of sales data. Usually, this step involves selecting properties of similar age, size, and location. The program limits the search for comparables to properties that meet these selection criteria. We cannot stress to much the importance of finding comparables that are as similar as possible to the subject. This greatly reduces the need for making many (sometimes controversial) adjustments to the sales prices. Phase 2 Rank the Properties A distance measure is used quantify how close each comparable property is to the subject property. Suppose there are K attributes X 1, X 2,..., X K on which the distance is to be measured. The value of the i th attribute on the j th 486-1

3 Step 3 Estimate the sales price Once the adjusted sales prices of the comparables have been calculated, the sales price of the subject property can be calculated. NCSS can calculate four different estimates: 1. Closest. The adjusted sales price of the closest comparable (using the Euclidean distance) is used as the estimate of the subject sales price. 2. Least Absolute Dollar Change. The adjusted sales price of the property that had the least amount of adjustments in absolute dollar amounts is used as the estimate of the subject sales price. 3. Simple Average. The average adjusted sales price of the closest four or five properties is used as the estimate of the subject sales price. It is hoped that averaging will help remove the influence of any anomalies that might occur with a single sale. 4. Weighted Average. A weighted average of the adjusted sales price of the closest four or five properties is used to estimate the subject sales price. The weights are based on the distances between the subject property and comparable property. Specifically, the weights are calculated using the formula: with negative weights being reset to zero. W j D j = Data Structure Each column of the spreadsheet (database) represents a variable and each row represents a property. The selection variables can be text or numeric, but the sales adjustment variables must be numeric. You must include a sales price variable and at least one adjustment variable. Comparables is an example of such a dataset. This dataset contains fifty-one rows, of which only a few are displayed here. There are also other variables that are not displayed here. Note that the sales date is in the format YYYYMM. Also, the indicator variable, Subject, at the right-side of the database indicates which rows are to be treated as subjects (no-blank) or as comparables (blank). Comparables dataset (subset) PropID Neighborhood SalePrice SaleDate SqFt LotSize Subjects A-1 AAA A-2 AAA A-3 AAA A-4 AAA Subject

4 Procedure Options This section describes the options available in this procedure. Selection Tab Specify the variables used to select the rows of the database that are to be used as possible comparables. Indicator Variable Indicator Variable This variable indicates which rows from the database are subject properties. A separate comparables report will be generated for each row with a non-blank value. These rows will not be candidates as comparables. Normally, you would enter the information for each subject property at the bottom of the database, set the value of this variable to 1 in that row, and run the analysis. Note that this variable MUST be specified. Report Specification Report Variables Specify additional variables to be displayed at the beginning of the Comparables Report. Label Variable Specify a variable used to label the rows of the reports. If this variable is omitted, the database row numbers are used. Selection Variables and Ranges Selection Variables Specify variables whose values will be used to select specific records (rows or properties) from the database. Only those rows that meet the selection criterion given in the corresponding Selection Range box will be kept. Only specify one variable per box. Note that you do not have to specify any variables, in which case, the whole database will be used. Selection Range Specify a set of values used to specify which rows from the database are kept in the analysis. Note that all text values are changed to upper case before processing. You can mixe the following types of entries together: Value You can enter a single value, either text or numeric. You do not have to enclose text in quote marks. For example, you might enter: AAA or

7 Sales Price Sales Price Variable Specify the variable that contains the sales prices (in dollars) of the comparable properties. Only those properties that have a positive sales price are used. Reports Tab Select Reports Distance Report - Settings Report Specify whether to display the report. Show Dollar Signs Specify whether to show dollar signs on the reports. The dollar sign may clutter the report, so it is optional. Show Commas in Dollars Specify whether to formal dollar amounts with a comma. The comma may need to be left out for formatting reasons. Show Column Separator = The report may be formatted with or without the vertical bar. This option lets you decide whether you want to use it or not. Report Options Estimation Method Specify the method to be used to calculate the estimated sales price of the subject property. We recommend that you use the Weighted Average method unless you have a good reason to use one of the other methods. The following methods are available: Closest Use the sales price of the comparable property that is closest (has the minimum distance) to the subject property. Min \$ Change Use the sales price of the comparable property that had the smallest absolute dollar value change. That is, this property was adjusted by the smallest dollar amount. Simple Average Use the average of the adjusted sales prices of the M comparables that have the smallest distance. The value of M is set on the Reports tab by the Properties in Averages option. Weighted Average Use the weighted average of the adjusted sales prices of the M comparables that have the smallest distance to the subject property. The weights are proportional to the distance from the comparable property to the subject property

8 Report Options Specify Number of Properties Per Distance Report Specify the number of properties (rows) displayed on the Distance report. Note that the database is sorted so that only the candidates closest to the subject are displayed. We recommend that you look at the best ten or twenty candidates. Per Comparables Report Specify the number of properties displayed on this report. Usually, three two five are used, but ten are displayed. Note that the database is sorted so that only the candidates closest to the subject are displayed. Per Page Specify the number of comparables shown on each page of the comparables report. Each property requires two columns of the report. The maximum is four. Used in Averages Specify the number of properties in the averages used to estimate the subject's sales price. The simple average of the most similar properties (determined by the comparability index) is one sales price estimate. A weighted average of these same properties is another sales price estimate. Report Options Decimal Places Dollars - Means Specify the number of decimal places shown on the report for these items. Example 1 Comparables Study This section presents a tutorial of a comparables study conducted on the Comparables dataset. The appraiser limits the analysis to those properties in neighborhood AAA that were constructed from 1970 to You may follow along here by making the appropriate entries or load the completed template Example 1 by clicking on Open Example Template from the File menu of the window. 1 Open the Comparables dataset. From the File menu of the NCSS Data window, select Open Example Data. Click on the file Comparables.NCSS. Click Open. 2 Open the window. On the menus, select Analysis, then Mass Appraisal, then. The procedure will be displayed. On the menus, select File, then New Template. This will fill the procedure with the default template. 3 Specify the selection variables. On the window, select the Selection tab. Double-click in the Indicator Variable text box. This will bring up the variable selection window. Select Subjects from the list of variables and then click Ok. Subjects will appear in this box. Double-click in the Report Variables text box. This will bring up the variable selection window. Select YearSold and then click Ok. YearSold will appear in this box. Double-click in the Label Variable text box. This will bring up the variable selection window. Select PropId and then click Ok. PropID will appear in this box

9 Double-click in the first Selection Variable text box. This will bring up the variable selection window. Select Neighborhood and then click Ok. Neighborhood will appear in this box. Double-click in the second Selection Variable text box. This will bring up the variable selection window. Select YearBuilt and then click Ok. YearBuilt will appear in this box. Enter AAA in the first Selection Range box. Enter 1970 to 1980 in the second Selection Range box. 4 Specify the adjustment variables. On the window, select the Adjustment tab. Double-click in the first Adjustment Variable text box. This will bring up the variable selection window. Select Quality and click Ok. Quality will appear in this box. Double-click in the second Adjustment Variable text box. This will bring up the variable selection window. Select SqFt and click Ok. SqFt will appear in this box. Double-click in the third Adjustment Variable text box. This will bring up the variable selection window. Select LotSize and click Ok. LOTSIZE will appear in this box. Double-click in the fourth Adjustment Variable text box. This will bring up the variable selection window. Select Bedrooms and click Ok. BEDROOMS will appear in this box. Set the first Distance Weight to 1. Set the second Distance Weight to 4. Set the third Distance Weight to 2. Set the fourth Distance Weight to 1. Set the first Amount to 3%. Set the second Amount to \$50. Set the third Amount to \$5. Set the fourth Amount to \$400. Double-click in the Sale Date Variable text box. This will bring up the variable selection window. Select SaleDate and click Ok. SaleDate will appear in this box. Double-click in the Sales Price Variable text box. This will bring up the variable selection window. Select SalePrice and click Ok. SalePrice will appear in this box. Set the Date Format to YYYYMM. Set the Date Adjustment to Set the Current Date to Specify the reports. On the window, select the Reports tab. Check Distance Report. Check Comparables Report. Check Settings Report. Uncheck Show Dollar Signs. Uncheck Show Commas in Dollars. Check Show Column Separator =. Set Estimation Method to Weighted Average. Set Per Distance Report to 10. Set Per Comparables Report to 8. Set Per Page to 4. Set Used in Averages to 5. Set Dollars Decimals to 0. Set Distances Decimals to 3. Set Percents Decimals to 0. Set Means Decimals to

10 6 Run the procedure. From the Run menu, select Run Procedure. Alternatively, just click the green Run button. Settings Report Settings Report for Subject = Subject1 Selection Selection Variables Criterion Neighborhood AAA YearBuilt 1970 to 1980 Adjustment Adjustment Standard Variables Value Weight Mean Deviation COV SaleDate 1% Quality 3% SqFt \$ LotSize \$ Bedrooms \$ Of the 50 properties on the database, 1 was a subject property and 37 were excluded by the selection variable(s), leaving 12 comparables for consideration. This report gives the settings you used to create the report. It is provided to let you document how the options where set. It also supplies summary statistics about the adjustment variables used in the analysis. The Mean, Standard Deviation, and Coefficient of Variation are computed on the rows selected for analysis. Distance Report Distance Report for Subject = Subject1 PropID Distance SalePrice Quality SqFt LotSize Bedrooms Subject A A A A A A A A A A This report displays the values of the adjustment variables for the comparable properties that met the selection criterion. Note that the subject property is displayed first. Distance This value is the Euclidean distance, D, between the subject property and the comparable property. Values near zero are close. Values near five are very different

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