When you use the Comp Analysis tool and select a variety of comps for your subject property, your result is both a Comp Analysis Result (a dollar figure) and a Comp Analysis Range (a price range). The Comp Analysis Range is not the spread between the price of your lowest and highest comps. Rather, the Comp Analysis Range is the price range bracketing your Comp Analysis Result. It is calculated by applying the price per square foot of your lowest and highest comps to the living area of your subject property.
For example, my subject property is 3,100 square feet. Using the Comp Analysis Tool, I choose five comps. The lowest price per square foot of the five comps is $183 and the highest is $274. My Comp Analysis Range will be $567,300-$849,400. Depending on the size of a comp relative to the subject property, its price could potentially fall outside the range.
If a living area square footage is unavailable from public records or MLS data for your subject property, you will be prompted to enter one in the Confirm Facts dialogue.