Which term refers to significant sales transactions in determining property value?

The term that refers to significant sales transactions in determining property value is market data. Market data encompasses information derived from real estate transactions, particularly sales that reflect the current market conditions. This data is critical in developing property valuations because it provides a benchmark of comparable properties and their sale prices.

In the context of property assessment, appraisers rely on market data to analyze trends, derive values of properties, and assess the overall state of the real estate market. By examining completed transactions, appraisers can identify patterns and make informed assessments about property values, ensuring that valuations align with what buyers are willing to pay in a given market.

While "actual sales" also refers to completed transactions, it does not encapsulate the broader concept of market data, which includes organizing and analyzing those sales within the context of market trends. Appraisal reports are the outcomes generated after an appraisal process, summarizing findings and value conclusions, but they do not directly refer to transactions themselves. Comparative analysis involves evaluating and comparing properties, but it is generally part of the broader process of utilizing market data to reach a valuation conclusion.