Grasping Comparable Properties

When people are buying or selling a home, they are constantly reminded to pay close attention to what comparable properties in the neighborhood have sold for recently when establishing the price at which they're willing to buy or sell.  What are comparable properties?  They're properties that are similar in type (single family residential, condo, townhouse, etc.), size (square footage of interior space, and size of lot for single family), number of bedrooms and baths, style (contemporary, colonial, Spanish), condition (well groomed and maintained, or not), age (year built), and amenities (front porch, deck, garage, etc.).  The more similarities a comparable shares with the property you're considering, the more weight it carries as a comparable.  Comparable value is adjusted up or down for differences.