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Name
zip code
Elijah
98122
Joe
98115
Saud
98125
Claire
98112
Pablo
98105
Zip Code
Price
Bedrooms
Bathrooms
Square Feet
Lot ft.2
Year Built
1523 38th ave
98122
1.4M
3
1.75
2,490
3,354
1922
1721 32nd ave
98122
615K
4
2
2,400
3,920
1928
1122 34th ave
98122
850K
2
2
1,500
801
2015
975 20th ave
98122
818K
5
2
1,900
3,630
1905
711 19th ave
98122
955K
6
2
2,500
5,120
1901
907 24th ave
98122
885K
3
2
2,860
3,720
1930
943 29th ave
98122
479K
3
1
1,100
4,000
1907
2111 E Pine st.
98122
700K
3
2
1,800
1,985
1995
732 32nd ave
98122
950K
3
3
2,280
3,005
1907
3120 E Union st
98122
512K
2
1
810
2,040
1906
1420 36th ave
98122
890K
2
1
1,029
5,000
1908
1615 29th ave
98122
508K
2
2
1,440
4,800
1950
1606 33rd ave
98122
1M
3
3.5
2,880
3,750
1909
1615 30th ave
98122
965K
4
3
2,600
4,800
1912
2720 E Columbia st 98122
472K
2
1
1,050
1,811
1903
$785,000
4
1
2090
4791
1947
$1,150,000
4
3.1
4310
9147
1948
$725,000
4
3
3100
9147
2001
$2,520,000
4
3.1
4380
8276
1951
3604 NE 68th St
98115
4826 NE Princeton Way
98115
2708 NE 98th St
98115
8061 Lakemont Dr NE 98115
6846 54th ave NE
98115
1,325,000
4
4
3250
6820
1945
7041 19th Ave
98115
$800,000
3
1.1
1770
5662
1923
1233 NE 88th St
98115
$2,275,000
4
2.1
2571
19166.4
1926
9719 Lake Shore Blvd
98115
NE
$1,398,500
4
3
3050
7212
2015
10324 44th ave NE 98115
$840,000
4
1.75
2760
9448
1960
1016 NE 62nd St
98115
$701,362
3
1
1560
3920
1917
2128 NE Park Rd
98115
798,000
2
1.75
1235
2613
1926
6811 18th Ave NE
98115
1,375,000
5
2.1
2974
4791
1911
6803 18th Ave NE
98115
842,000
3
1
1960
4791
1946
6050 26th Ave NE
98115
618,000
4
3
1800
3300
1926
1014 NE 88th St
98115
$836,500
3
2
1603
6534
1926
98112
$1,035,000.00
3
2
1650
6000
1947
98112
$1,537,500.00
5
2.5
3260
7840
1932
98112
$5,000,000.00
3
4
3700
8505
1952
98112
$2,550,000.00
4
2.5
5010
8668
1938
98112
$970,000.00
2
1.1
1880
3600
1929
98112
$2,498,000.00
5
4
5200
7200
1950
98112
$1,175,000.00
4
2
3910
4200
1913
98112
$1,150,000.00
4
3
2280
4400
1984
98112
$2,200,000.00
6
7
5500
10800
1906
98112
$1,106,000.00
4
2.1
3620
4356
1909
98112
$717,000.00
3
2
1740
1500
2015
98112
$1,250,000.00
3
2
2510
3600
1907
98112
$1,125,000.00
4
3
2277
5640
1906
98112
$1,112,750.00
5
4
3090
3600
2000
98112
$950,000.00
4
1.5
3330
3840
1924
98105
1.4M
4
3.25
3750
4000
1997
98105
780K
4
2
2790
4599
1920
98105
1.04M
4
3
1970
4066
1940
98105
6.52M
5
4
4630
52272
1933
98105
1.125M
4
2
2100
5000
1940
98105
1.515M
5
4
2965
6000
1927
98105
774K
3
3.5
2380
2352
1998
98105
600K
2
1
1230
4900
1941
98105
875K
3
2
2560
4946
1940
98105
752K
4
2
2090
5000
1941
98105
1.0008M
6
5
6860
33976
1921
98105
720K
5
1
2010
3876
1923
98105
1.093M
3
3
2540
4500
1953
98105
650K
2
1
1390
3484
1906
98105
525K
4
2
2400
3049
1925
Case Study 1
Real Estate Pricing
Econ 2100
The Issue
You are a statistical analyst for a large company in the Puget Sound area that hires
employees from all over the US and the world. The personnel director of the company
has asked you to prepare an analysis of area home prices for new employees moving to
the area. Your task is to provide information to new employees about the housing
market in the area, including what new employees can expect to pay for a home, what
are the characteristics of area homes, and how do homes differ across different
locations in the area.
Data
Your first task is to choose a location for your company (feel free to choose an actual
company and base your choice on its location), then gather data on homes for sale in
that zip code and three contiguous zip code areas. Please work with two or three other
students to gather a common data set. You may use zillow.com or a similar real estate
website to randomly select 15 single-family homes that have recently been sold in your
chosen area and three adjoining zip-code areas. Your data set will be unique to your
group. For each home you select, please record the following information:
1.
2.
3.
4.
5.
6.
7.
PRICE: the price for which the home was sold
BEDROOMS: the number of bedrooms in the home
BATHROOMS: the number of bathrooms in the home
HOUSE FT2: the square footage of the home
LOT FT2: the square footage of the lot
YR BUILT: the year the home was built
ZIP CODE: the zip code where the home is located.
If there are other variables you would like to collect, make sure that the information is
available for each observation so the data set is consistent.
Statistical Analysis
Apply descriptive statistics methods to summarize the data you have collected on area
homes. At a minimum, in your analysis, you should:
• Check your data for outliers, using one of the standard methods covered
in class (the outlier may be with respect to price, or one of the other
variables)
• Create a table of descriptive statistics that gives the mean, median,
minimum, maximum and standard deviation for all quantitative variables
for the entire data set (see example at the end of this document).
• Create a separate table of descriptive statistics for each zip code, giving
the mean, median maximum, and standard deviation of all quantitative
variables.
• Create a histogram illustrating the distribution of home prices in your data
set
• Create a histogram illustrating the distribution of home sizes in the area
you have chosen.
Writing Project
Your written project will consist of a1-2 page memo (500 word maximum, plus tables
and figures) to new employees that tells them what to expect when searching for a
home in near their new place of employment. Your writing project will summarize the
results of your statistical analysis in language understandable to someone who is
intelligent and curious, but who may not have taken a statistics course.
a. Give an overview of the distribution of home prices in your chosen area.
b. Give an overview of the other characteristic of home prices in the area.
c. Point out differences in the price and other characteristics of homes across
different zip codes that might be relevant to employees searching for homes.
d. Give the employee a realistic idea of what he or she might expect to pay for a
single family home in the area, and what characteristics that home is likely to
have.
Due Date
Please submit your memo, including tables and graphs, on Canvas prior to the date and
time listed in the course syllabus. Late papers will not be accepted electronically.
Example of a well-formatted table of descriptive statistics:
…
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