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Line 9, Median Sale Price as % of List Price

The appraiser must analyze the sales that occurred in each time period, calculate the Sale Price as a % of List Price for each of those sales, and calculate the median of those results.

Example of Correct Calculation:


Assume that the following data represents five comparable sales that occurred during one of the applicable time periods:

Sale #

Sale Price

List Price

SP as % of LP




















93.0 %


The Median Sale Price as a % of List Price for this time period 96.7%.

If there are a large number of comparable sales in the subject’s neighborhood in the past year, manual calculation of the Median Sale Price as a % of List Price for the three different time periods can take a significant amount of time. Various entities offer software to assist in compiling and reporting this information. Refer to the discussion of software tools later in this publication for more information on that topic.



Common Issues

Simply Dividing Median Comparable Sale Price by Median Comparable List Price

This entry should not be calculated by simply dividing the data on line five by the data on line seven.  The following was published by Fannie Mae and can be found at:




The correct methodology is to take each of the sales reported on line one, calculate the Sale Price as a % of List Price for each sale, then derive the median of those results, as demonstrated in the example above.

Simply dividing median comparable sale price by median comparable list price does not provide an accurate reflection of how the typical sale price of a property compares to the list price of that same property. The median comparable list price and the median comparable sale price are not calculated using the same data set.  One is based on the sales that occurred during the time period and one is based on the active listings as of the last day in each period.

Data is Inconsistent with Adjustments made to Comparable Listings

If the comparison approach in the appraisal report includes comparable listings, then the adjustment for Sale Price as a % of List Price that is applied to the comparable listings should be consistent with the data presented on this line in the 1004MC.  If the adjustments are not consistent with the percentages indicated on this line in the 1004MC, then appropriate explanatory comments must be provided.


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