How to Read a CMA — What Your Agent's Numbers Actually Mean

May 23, 2026

When your agent presents you with a Comparative Market Analysis — or CMA — it can feel like a lot of numbers. Pages of data, sold listings, price adjustments, market trends.

But understanding what those numbers actually mean is the difference between pricing your home right and leaving money on the table — or sitting on market for months.

Here's how to read a CMA like a professional.

What Is a CMA?

A Comparative Market Analysis is a report your agent prepares to help determine the fair market value of your home. It does this by comparing your property to similar homes that have recently sold, are currently active, or were listed but didn't sell.

It is not an appraisal. An appraisal is conducted by a licensed appraiser for a lender. A CMA is a professional assessment conducted by your real estate agent using market data.

The Three Categories of Comps

A good CMA looks at three types of comparable properties:

Sold listings — These are the most important. What did similar homes actually sell for? This is your anchor to reality. Not what sellers wanted — what buyers actually paid.

Active listings — What are similar homes listed at right now? These are your competition. Buyers will compare your home to these.

Expired or terminated listings — Homes that didn't sell. These tell you what price points the market rejected. This is just as valuable as knowing what sold.

What Makes a Good Comparable?

Not every nearby sale is a good comp. Your agent should be selecting properties that are similar in:

Location — Same neighbourhood, or as close as possible

Size — Similar square footage, both total and above grade

Age and condition — A 2024 build and a 1985 build are not comparable

Features — Bedrooms, bathrooms, basement, garage, lot size

Recency — The older the sale, the less relevant it is in a shifting market

The Adjustments Column

This is where a lot of people get confused. When a comp isn't a perfect match, your agent makes adjustments.

For example: if your home has a finished basement and the comparable doesn't, a positive adjustment is added to the comp's price to account for that difference. If the comp has a larger lot, a negative adjustment may be applied.

These adjustments are part art, part science. They require judgment and market knowledge — not just math.

What the Numbers Are Actually Telling You

After reviewing the comps and adjustments, your agent will arrive at a suggested price range. Here's how to interpret it:

The lower end is typically the price that should generate multiple offers quickly in a balanced or seller's market

The mid-range is the most defensible price based on the data

The upper end is possible if your home has significant advantages over the comps — but requires strong marketing and patience

One More Thing

A CMA is a snapshot in time. The market moves. What was true three months ago may not be true today. Ask your agent to explain what's happening in the market right now — not just what the numbers say.

If you'd like a complimentary CMA on your home, we're happy to provide one — with no obligation and full transparency.

Book a Home Seller Consultation →

Be good to yourselves — because at the end of the day, we're all just trying to find our way home. Much love.

— Taz & Navi, Impact Realty Group