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Midwest Region Analysis

The analysis of a random sample of 30 properties in the Midwest reveals an average square footage of 2,603.50 and a mean listing price of $252,342.03, with moderate variability. A weak negative association between square footage and listing price is noted, supported by a linear regression model. The regression equation predicts that a property with 1,800 square feet would have an estimated listing price of $267,955.11.

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11 views2 pages

Midwest Region Analysis

The analysis of a random sample of 30 properties in the Midwest reveals an average square footage of 2,603.50 and a mean listing price of $252,342.03, with moderate variability. A weak negative association between square footage and listing price is noted, supported by a linear regression model. The regression equation predicts that a property with 1,800 square feet would have an estimated listing price of $267,955.11.

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narelly
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D.M.

Pan Real Estate Company: Midwest Region Analysis

1. Representative Sample
A random sample of 30 properties from the Midwest region was selected to analyze the
relationship between square footage and listing price. Descriptive statistics for the selected
sample are provided below:

Metric Square Feet Listing Price


Mean 2,603.50 $252,342.03
Median 2,766 $237,212.50
Standard Deviation 1,184.60 $133,857.21

2. Analysis
The sample data shows that the average square footage for properties in the Midwest is
2,603.50 square feet, with a mean listing price of $252,342.03. The standard deviation
indicates moderate variability in both square footage and listing price. When compared to
national statistics, the Midwest sample reflects lower average prices, which aligns with
regional market trends.

To ensure randomness, the sample was selected using Excel's RAND() function, which
assigns random numbers to each property. The data was then sorted by these random
values, and the first 30 entries were chosen.

3. Scatterplot
The scatterplot below illustrates the relationship between square footage (X-axis) and
listing price (Y-axis). The trendline represents the linear regression model, which can be
used to predict listing prices based on square footage.
4. Observations
1. The predictor variable (X) is square footage, while the response variable (Y) is listing
price. Square footage is useful for making predictions.

2. There is a weak negative association between square footage and listing price in this
dataset, as indicated by the downward slope of the trendline.

3. The relationship is linear, as shown by the trendline in the scatterplot.

4. Using the regression equation (y = -19.43x + 302,931.50), the estimated listing price for a
property with 1,800 square feet is $267,955.11.

5. A few potential outliers are observed, representing properties with unusually high or low
prices for their size. These may indicate luxury homes or properties in need of significant
repairs.

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