MAT 240 Module Two Assignment Template
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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
Leslie R. Rossner
Department of Mathematics, SNHU
MAT 240: Applied Statistics
Professor Jennifer Turner
January 21, 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
The correlation of selling prices in real estate and the square footage of the property is what is being explored in this report. This report analysis will be providing insight to D.M. Pan National Real Estate Company by analyzing the provided national average statistics and thirty randomly selected houses in the East North Central region. This report will provide the company with comprehension between these aspects of real estate. Generate a Representative Sample of the Data
REGION
STATE
COUNTY
LISTING
PRICE
$'S PER
SQ. FT
SQ. FT
E. N. CENTRAL
IL
JACKSON
154,300
$105 1,463
E. N. CENTRAL
IL
KNOX
205,100
$118 1,740
E. N. CENTRAL
IL
SANGAMON
213,500
$130 1,643
E. N. CENTRAL
IL
OGLE
236,600
$208 1,138
E. N. CENTRAL
IL
CHAMPAIGN
246,700
$121 2,031
E. N. CENTRAL
IL
HENRY
257,700
$123 2,087
E. N. CENTRAL
IL
ADAMS
266,100
$166 1,599
E. N. CENTRAL
IL
WHITESIDE
283,700
$136 2,087
E. N. CENTRAL
IL
DEKALB
347,500
$97 3,574
E. N. CENTRAL
IN
ELKHART
202,300
$182 1,113
E. N. CENTRAL
IN
WAYNE
203,800
$141 1,441
E. N. CENTRAL
IN
DELAWARE
221,600
$134 1,651
E. N. CENTRAL
IN
HOWARD
304,300
$152 1,996
E. N. CENTRAL
IN
LAKE
470,600
$109 4,316
E. N. CENTRAL
MI
ISABELLA
163,000
$125 1,307
E. N. CENTRAL
MI
SHIAWASSEE
192,400
$129 1,494
E. N. CENTRAL
MI
GENESEE
194,800
$166 1,173
E. N. CENTRAL
MI
CALHOUN
266,200
$130 2,042
E. N. CENTRAL
OH
ASHLAND
188,000
$151 1,246
E. N. CENTRAL
OH
MUSKINGUM
188,300
$94 1,999
E. N. CENTRAL
OH
SCIOTO
204,200
$131 1,562
E. N. CENTRAL
OH
SENECA
211,900
$168 1,263
E. N. CENTRAL
OH
ALLEN
227,600
$147 1,550
E. N. CENTRAL
OH
LUAS
228,300
$115 1,978
E. N. CENTRAL
OH
CLARK
240,500
$137 1,752
E. N. CENTRAL
OH
ATHENS
246,400
$158 1,560
E. N. CENTRAL
OH
JEFFERSON
246,500
$136 1,814
Selling Price and Area Analysis for D.M. Pan National Real Estate Company
3
E. N. CENTRAL
OH
WASHINGTON
324,400
$156 2,081
E. N. CENTRAL
OH
HANCOCK
380,300
$94 4,028
E. N. CENTRAL
WI
ROCK
513,100
$104 4,950
EAST NORTH CENTRAL LISTING PRICE
MEDIAN
$232,450.00
MEAN
$254,323.00
STANDARD DEVIATION
$82,659.58
EAST NORTH CENTRAL SQUARE FOOTAGE
MEDIAN
1,662
MEAN
1,807
STANDARD DEVIATION
661
NATIONAL AVERAGE
Listing Price
Square Footage
MEDIAN
318,000
1,881
MEAN
342,365
2,111
STANDARD DEVIATION
125,914
921
Analyze Your Sample
This analysis includes thirty randomly selected properties from the East North Central region that was obtain from using Microsoft Excel utilizing the function “=RAND()” and inserting a total of 100 properties. This list was then sorted by state, listing price and square footage respectively to ensure the sample was random and free from bias. To further the analysis, the median, mean and standard deviations of the listing price and square footage was determined.
It is observed that the national average statistics are higher in all aspects when compared to the analysis of the East North Central region. It can therefore be appropriate to state this region is averaged to be lower in price and has steady square footage among properties in comparison to the national market.
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Selling Price and Area Analysis for D.M. Pan National Real Estate Company
4
Generate Scatterplot
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
EAST NORTH CENTRAL REGION
Selling Price and Area Analysis for D.M. Pan National Real Estate Company
Square Feet
Listing Price
Observe Patterns
The scatterplot above portrays the property size on the x-axis and the selling price on the y-axis and their associations with each other. The correlation is seen as the square feet increases the listing price also increases. The regression equation is used to determine the increase for each additional square foot. This indicates that there would be an increase of $80.01 per square foot for the listing price. In an 1,800 square foot house, the listing price would be approximately $239171.00 ($80.01 * 1,800 + $95153).