Thanks, that makes 9 hopefully representative samples. Above 30 is considered to be a 'large sample'.
sq ft cost ratio, $/sq. ft.
1400 $1,400 1.00
700 $1,200 1.71
1100 $2,250 2.05
1100 $2,500 2.27
1000 $4,000 4.00
2600 $13,000 5.00
1300 $6,500 5.00
1300 $7,440 5.72
1100 $7,500 6.82
9 =number of samples
$3.73 =avg.
$4.00 =median
0.80 =correlation coefficient between cost and size: not bad
for houses between
700 and
2600 sq. ft.
Half cost between
$2.05 and
$5.00 per sq. ft.
almost all cost between
$1.00 and
$6.82 per sq. ft.
$5 is kinda high so I'd guess the median income for your ZIPcode is above the $50K US avg.
If you graph cost vs. size, the $1.00/sq. ft. is visually an outlier at least in this group of few samples and if it's removed the correlation goes to 0.89.
Last edited by Wuzzat?; 02-06-2013 at 07:07 PM.
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