Which appraisal method utilizes statistical data from multiple similar properties?

The Sales Data Report, commonly known as the Market Comparison Approach, is the correct choice when it comes to utilizing statistical data from multiple similar properties. This method involves analyzing the sale prices of comparable properties in the same area to establish a value for the property being appraised. By looking at recent sales statistics, appraisers can determine a fair market value based on actual transactions, which reflects current market conditions.

Using this method, appraisers consider several factors, such as location, size, features, and recent sale prices, to find properties that closely resemble the subject property. This comparative analysis helps ensure that the appraised value represents a realistic market price, which is critical for both buyers and sellers.

In contrast, the Cost Approach focuses on calculating the value based on the cost to replace or reproduce the property minus depreciation, which does not necessarily involve statistical data from multiple sales. The Income Method evaluates the potential income generated from a property, primarily used for investment properties, while also relying on projected income rather than direct market comparisons. Each of these methods serves distinct purposes, but for the question at hand, the Market Comparison Approach stands out due to its basis in statistical data from multiple similar properties.