A comparative market analysis (also known as a CMA) is an informal estimate of market value.  This estimate is performed by a Real Estate licensee and is created by collecting information about real estate activity in the area.   The analysis is a comparison of similar properties which have been recently sold, have recently expired and are currently active on the market.   This will assist a Seller to determine the appropriate Listing price or can help a Buyer arrive at an appropriate offer price.    Note: A CMA is Not the same as a formal appraisal.