Florida reappraises real estate every year, and the county appraiser’s Web site lists the current

| November 19, 2015

Florida reappraises real estate every year, and the county appraiser’s Web site lists the current “fair market value” of each piece of property. Property usually sells for somewhat more than the appraised market value. Here are the appraised market values and actual selling prices of condominium units sold in a beachfront building over a 19-month period (in thousands of dollars):

Selling Price Appraised value Month Selling price Appraised value Month
850 758 0 790 605.9 13
900 812.7 1 700 483.8 14
625 504 2 715 585.8 14
1075 956.7 2 825 707.6 14
890 747.9 8 675 493.9 17
810 717.7 8 1050 802.6 17
650 576.6 9 1325 1031.8 18
845 648.3 12 845 586.7 19

 

(a)    Make a scatterplot. It appears that appraised market value can be used to predict selling price.

 

(b)   Find the least-squares line for predicting selling price from appraised value. Add this line to your scatterplot. Another unit in this building has appraised value $802,600. What do you predict that it will sell for?

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