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Math 200- Project 3

Ellen Bauer
Table 1: Homes on the Market in Ketchum, Idaho
Home
Asking
Square
Days on
Price
Footage
Market
1
2, 495,000
4000
95
2
849,000
2540
60
3
395,000
1638
25
4
550,000
1188
39
5
140,000
688
29
6
675,000
4356
40
7
866,000
2613
28
8
1,895,000
3126
100
9
1,500,000
2376
1
10
890,000
2376
75
11
695,000
3948
6
12
219,000
856
36
13
800,000
2100
49
14
949,000
2767
87
15
795,000
1405
7
16
2,200,000
3182
32
17
225,000
225
59
18
245,000
3800
88
19
2,200,000
3465
103
20
249,900
930
43
21
820,000
2388
72
22
1,395,000
3663
4
23
2,200,000
3182
32
24
1,350,000
3110
43
25
600,000
1192
66
26
999,500
1875
10
27
1,595,000
1981
26
28
999,000
1508
87
29
2,695,000
5067
17
30
725,000
1937
17

Cost/square
foot
624
334
289
463
203
155
331
606
631
375
176
216
381
343
566
691
1000
65
635
268
343
381
691
434
503
533
805
663
532
374

Bedrooms

Bathrooms

4
2
2
3
2
3
4
5
3
6
5
1
3
4
2
3
1
4
4
2
4
3
3
4
2
2
3
3
4
2

4
2
2
3
1
3
3
3.5
3.5
3.5
3
1
3
4.5
2.5
3.5
1
4
4
1.5
4
3.5
3.5
3.5
2
2.5
3.5
3
4
2

Table 2: Selling Price versus Estimated Price of Recently Sold Homes in Ketchum, Idaho
Home
Selling Price
Estimated Selling
Percent Difference
Price
1
995,000
1,203,743
-17.3%
2
615,000
572,285
+7.5%
3
297,500
284,866
+4.4%
4
1,550,000
1,421,759
+9.0%
5
199,000
185,065
+7.5%
6
265,000
438,899
-39.6%
7
3,325,000
3,283,249
+1.3%
8
199,000
185,109
+7.5%
9
100,000
1,335,401
-92.5%
10
1,575,000
1,470,859
+7.1%
11
75,000
148,833
-49.6%
12
540,000
508,339
+6.2%
13
262,500
421,190
-37.7%
14
1,900,000
1,849,898
+2.7%
15
366,500
336,223
+9.0%
16
520,000
459,477
+13.2%
17
627,000
577,020
+8.7%
18
440,000
452,984
-2.9%
19
2,400,000
2,705,084
-11.3%
20
350,000
353,246
-0.9%
21
2,000,000
1,924,920
3.9%
22
2,400,000
2,774,804
-13.5%
23
4,895,000
4,384,223
+11.7%
24
275,000
316,993
-13.2%
25
115,000
278,212
-58.7%
26
562,000
528,487
+6.3%
27
735,000
1,292,535
-43.1%
28
2,275,000
2,848,251
-20.1%
29
75,000
156,909
-52.2%
30
88,000
278,936
-68.5%
Table 3: 95% Confidence Intervals for Factors of Homes For Sale in Ketchum, Idaho
Asking Price Square
Number of
Cost per
Number of
Number of
Footage
days on the
square foot
Bedrooms
Bathrooms
market
-$621,067.6
1980.3 to
34.2 to 57.4
$365.8 to
2.7 to 3.7
2.6 to 3.3
to
2864.7 square days on the
$520.5 per
bedrooms
bathrooms
$2,681494.2
feet
market
square foot
Asking Price: There is a 95% confidence that the mean housing price for the area lies somewhere
between -$621,067.6 and $2,681,494.2.
Square Footage: There is a 95% confidence that the mean square footage for housing in the area
lies somewhere between 1980.3 and 2864.7 square feet.
Number of Days on the Market: There is a 95% confidence that the mean number of days
housing in the area has been on the market is somewhere between 34.2 and 57.4 days.

Cost Per Square Foot: There is a 95% confidence that the mean price per square foot of a house
in the area is somewhere between $365.8 and $520.5.
Bedrooms: There is a 95% confidence that the mean number of bedrooms in houses in the area is
somewhere between 2.7 and 3.7.
Bathrooms: There is a 95% confidence that the mean number of bathrooms in houses in the area
is somewhere between 2.6 and 3.3.
Confidence Intervals for Percent Difference Between Selling Price and Zestimate
90%
95%
99%
-22.6% to -5.1%
-24.4% and -3.3%
-28.0% and 0.4%
90%: There is a 90% confidence that the mean percent difference between the estimate and the
selling price is between -22.6% and -5.1%.
95%: There is a 95% confidence that the mean percent difference between the estimate and the
selling price is between -24.4% and -3.3%.
99%: There is a 99% confidence that the mean percent difference between the estimate and the
selling price is between -28.0% and 0.4%.
The intervals are different because as you get more confident with your answer, the interval
grows wider. You have to be less specific to be more confident in your answer.
Hypothesis Testing
I believe that the homes in Ketchum, Idaho are more expensive than the average home price of
Idaho as a whole ($155,000).
H0 : = 155000
HA : > 155,000
The P-Value was <0.0001. This is smaller than the critical value of 0.05. Therefore, there is
sufficient evidence that the mean housing price in Ketchum, Idaho is greater than the average
home price of Idaho as a whole.