determining arv from comps question.

[Matthew J. T.]

I ran comps using a local MLS website in the area, and my question is: Is the ARV based on the highest price in the area, or average price ? I'm pretty sure it's average, but just wanted to make sure. All the newly listed ones are shown at prices ranging from 150k - 170k in the area that is 3bed to bath. So I wanted to get the most accurate figures.

example:

Highest - 223k
Average- 152k
Lowest - 95k

Thanks.