The comps would be for what comparable homes sold for in the neighborhood over the past few months. Going back further then 3 or 4 months is not useful. Sometimes a seller can actually hire an appraiser prior to putting the home on the market just to see what that appraisal will come out at. It is simply a data point and cannot be used by any potential buyer for lending purposes. You said that similar homes (I assume sq footage, condition, ammenities and proximity) fetched as much as 515k in 5/06. What about the same similar homes on the low side? Also what are the most recent sales. Other useful information would be what are the current actively for sale and pending comparable homes priced at? Finally looking at comps that came on the market over the past few months but did not sell, (expired or cancelled) is also useful.
