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MAT 240 Module Two Assignment Template

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78 views4 pages

MAT 240 Module Two Assignment Template

Uploaded by

d.p.hubble
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© © All Rights Reserved
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Download as docx, pdf, or txt
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Selling Price and Area Analysis for D.M.

Pan National Real Estate Company 1

Report: Selling Price and Area Analysis for D.M. Pan National Real Estate Company

David Hubble

Department of Mathematics, SNHU

MAT 240: Applied Statistics

Turner, Jennifer

11/7/2024
Selling Price and Area Analysis for D.M. Pan National Real Estate Company 2

Report: Selling Price and Area Analysis for D.M. Pan National Real Estate Company

Introduction

Below I provide a description and interpretation of a set of data within one of the

provided regions. This data will indicate possible trends within the data and the relationship

between that region’s real estate’s listing prices and the square footage of each property.

Generate a Representative Sample of the Data

I have chosen thirty completely random samples from the provided data and calculated the

mean, median, and standard deviation for both the prices and square footage of the properties

sampled. The data goes as follows; the sample price’s average is $333,024. The sample price’s median is

$309,500. And the standard deviation of the sample price is $105,099. As for the square footage, the

average is 1,982. The median square footage is 1,827. And the standard deviation of the square footage

is 835.

Analyze Your Sample

Despite taking a random sample, both my chart and data for the sample deviated often

from the national averages, this is especially noticeable with the pricing as the difference was

around $50,000. On the other hand the sample data for the square footage appears to be almost

spot on with the averages across the nation, acting as a far better sample for that data. In order to

obtain a properly random sample I used a function within Microsoft Excel to assign a random

number to each county from the Northeast region. From here I chose the 30 highest out of that

list to use for my sample.

Generate Scatterplot
Selling Price and Area Analysis for D.M. Pan National Real Estate Company 3

Chart Title
700,000
f(x) = 121.940357599754 x + 91396.7426089362
600,000

500,000

400,000

300,000

200,000

100,000

0
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

Observe Patterns

The Y axis on the above chart was a range from $0 to $800,000 in listing prices, with

$800,000 acting as the maximum due to the highest plot point on that axis being at 600,000 and

leaving further room for growth. On the other hand, the X axis was the range of data for the

square footage ranging from 1,000 to 5,000. It is clear from the graph that there is correlation

between the square footage and the listing prices as the square footage increases so does the

price. While there are small deviations in data, it has an almost entirely linear progression. If a

person had a 1,800 square foot home the listing price would be $310,889 based on the equation

provided in the graph. While the beginning of the graph is mostly linear, towards the end it

becomes more sporadic, notably within the 3,500 square foot range, despite having similar

square footage its price is greatly increased. Outliers often represent that there is more to the

context of a given scenario than what is a provided scenario. In this particular case it could be the

location of that data point making the person who listed the home believe it is worth more, or the

home including other possible amenities than the one that is more in line with the standard

pricing.
Selling Price and Area Analysis for D.M. Pan National Real Estate Company 4

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