What does the term "adjusted sales price" refer to in the sales comparison approach?

The term "adjusted sales price" specifically refers to the price of comparable properties after adjustments have been made for differences that may affect the value of the properties being compared. In the sales comparison approach, appraisers analyze sales of similar properties to derive a value for the subject property. However, since no two properties are identical, adjustments must be made for various factors such as location, size, condition, and any unique features or amenities.

By calculating the adjusted sales price, appraisers can ensure that they are comparing like properties under similar circumstances, thus providing a more accurate reflection of the market value for the property being appraised. This process is fundamental in the sales comparison approach, allowing for a more reliable estimation of the subject property's value based on recent and relevant sales data.