For each time period, the appraiser should report the median price for the sales that occurred during that time period (as reported on the first line).
The most common error noted on this line is the reporting of a median price that is outside the range of prices reported at the top of page two.
If the sales prices for comparable properties in the subject’s neighborhood over the past year ranged from $400,000 to $600,000, as reported on page two, then the median prices on the 1004MC must fall within that range. It is mathematically impossible for the median price to fall outside the range of the data set.
If one (or more) of the median sale prices reported on the 1004MC grid is outside the range of prices reported on page 2, then that is often an indication that different parameters were used for the two searches. The sales data at the top of page two and the sales data reported in the 1004MC grid should both reflect comparable properties located within the subject’s neighborhood. Therefore, the search parameters used should be the same, and the results should be reported consistently.