What reflects the changes in the market or physical condition of property over time?

The concept that reflects changes in the market or physical condition of property over time is best captured by the term "change." Change encompasses a broad range of factors that can affect real estate, including shifts in market demand, economic conditions, property conditions, and external influences such as zoning laws or community developments. It recognizes that the real estate market is dynamic and subject to constant fluctuations influenced by various elements, such as interest rates and local economic health.

Appreciation refers specifically to the increase in property value over time, while depreciation signifies a decrease in value, often due to wear and tear or changes in the surrounding environment. Stability, on the other hand, implies a lack of significant change, suggesting that the property value remains constant over time. Therefore, while appreciation and depreciation are important concepts related to value changes, they are subsets of the broader idea of change, which includes all possible variations in property circumstances, whether positive or negative.