It depends on how one defines a Comparable Sale/Listing. Stale, I assume you mean dated. The starting point is selecting comparable that have the same Identical Economic Characteristics of the Subject. Ideally is sold one to two days before the Inspection/effective date of the Subject. After that, it all goes downhill. The Market is imperfect. Here on the mainland, we have lots of Cookie Cutter subdivisions. There are usually three to four different models and they are repeated. Work in those areas is actually boring.
Again, You have a good point about the elapsed time between the comparable sale date and the effective date of your property appraisal. In my practice, after I have identified the the Subject and its Market Segment, I always develop the Market Conditions next. When I take on a Review Assignment(reviewing another appraiser's work product). I do the same thing before getting into the nitty-gritty of the report under Review. Page one of a typical FNMA 1004 sets the stage. In the Appraisal for the property you purchased, I would look at the Neighhood section in the housing Trends. There are three questions and three choices for each question. These questions and answers are important.
My best guess about page one of this specific assignment the One unit Housing trends are probably(but not necessarily): Prop Value Checked Stable(I will get back to that below) Next is Demand/Supply; answer:
Shortage; In Balance; Over Supply. Next is Marketing Time:
under 3 months; 3-6 Months; Over six months.
In my general market area it is not unexpected to see Prop Values
Increasing; Demand/supply;
Shortage and Marketing time
under three months. (absorption rate which is a little different) Especially in Mecklenburg County NC this holds true. I live in a Neighboring County. We are the last to see an increasing market and the first to see a declining market. Gaston County is the Proverbial Canary in a Coal Mine.
So here is what Fannie Mae Says about One unit Housing trends
selling-guide.fanniemae.com
Let us get to your Valid Point. This is what the FNMA Selling Guide says:
"
Date of Sale and Time Adjustments
The date of sale and the time adjustment (market conditions) are critical elements in determining an accurate value because the appraisal is based on a specific date in time (effective date of appraisal). The comparable sales being considered must be analyzed by the appraiser to determine if there have been any changes in market conditions from the time the comparable went under contract to the effective date of the appraisal. This analysis will determine whether a time adjustment is warranted. Adjustments may be either positive or negative depending on the market changes over the time period analyzed. Time adjustments should be supported by other comparables (such as sales, contracts) whenever possible;
however, in all instances the appraiser must provide an explanation for the time adjustment in the appraisal report. (I would add an explanation may/or should be needed for a Lack of Time Adjustments
When completing Fannie Mae’s appraisal report forms, the appraiser should provide the date of the sales contract and the settlement or closing date. Only the month and year need to be reported. For example, appraisers may use “s04/10” or “c02/10” where “s” reflects the settlement or closing date and “c” reflects the contract date. If the exact date is necessary to understand the adjustments, it must be explained elsewhere in the report or in an addendum. If the contract date is unavailable to the appraiser in the normal course of business, the appraiser must enter the abbreviation “Unk” for unknown, in place of the contract date.
I apologize for the long-winded reply. I felt like you deserved a comprehensive answer and you got many excellent responses above me. Right or Wrong this is the way I and others see it. FTR; This is my second Professional License that I Have earned. My first Professional License was so complex that even minor errors could result in loss of life or severe destruction of property. I take this license just as seriously as the other. That is hard to do.