Statistical Review of 3 Bedroom Houses in Delaware State - Literature Essay Example

Statistical Review of 3 Bedroom Houses in Delaware State
Below are given two charts which show the raw data for 3 Bedroom houses for sale in both Kent County and New Castle County in Delaware - Statistical Review of 3 Bedroom Houses in Delaware State introduction. The charts include the city they are in, their size in square feet and their prices. For analysis 25 random houses in different cities in Kent County and New Castle County have been chosen.

 

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Kent County
City
Size in Sq Ft
Price in $
1
Woodside

120000
2
Wyoming
1310
155000
3
Kenton
1560
177000
4
Houston
1098
190000
5
Hartly
1344
223000
8
Wilmington
1600
250000
6
Felton
2704
282000
7
Smyrna
1888
294000
9
Dover
2212
300000
10
Camden Wyoming
1695
310000
11
Cheswold

315000
12
Viola
2030
323000
13
Smyrna
1895
341000
14
Kenton
1648
349000
15
Clayton
1456
350000
16
Clayton
2156
365000
17
Felton
1775
370000
18
Camden
2751
400000
19
Magnolia
2190
420000
20
Frederica
2962
439000
21
Smyrna
2500
455000
22
Felton
1544
479000
23
Marydel
1750
525000
24
Frederica
2403
535000
25
Harrington
1632
635000
New Castle County
City
Size in Sq Ft
Price in $
1.
Wilmington
1200
90000
2.
Marshallton

130000
3.
Wilmington
1175
170000
4
Bear
1575
180000
5
Stanton
1050
200000
6
Wilmington
1250
220000
7
Wilmington
1600
250000
8
Christiana

265000
9
Claymont

275000
10
Claymont
1825
295000
11
Newark
2300
323000
12
Newark
1825
325000
13
Townsend
1744
330000
14
Townsend
1800
350000
15
Wilmington
2216
370000
16
Hockessin
2400
390000
17
Hockessin
1950
400000
18
Middletown

402000
19
Middletown

413000
20
Middletown

448000
21
Bear

475000
22
Bear

500000
23
Wilmington
3425
525000
24
Greenville
1750
563000
25
Wilmington
3925
650000
Frequency Distribution

Kent County
New Castle County
Price In $
Frequency
Frequency
0-100000
0
1
100000-200000
4
4
200000-300000
5
5
300000-400000
8
7
400000-500000
4
5
500000-600000
2
2
600000-700000
1
1
Below is a table that that lists the price range and the number of times a house has occurred within a certain price range for both the counties.

Graphical Representation
 
Quantitative Analysis

Kent County
New Castle County
Mean
$344080
$293040
Modal Class
$300000-$400000
$300000-$400000
Median Class
$300000-$400000
$300000-$400000
Range
$515000
$560000
Mid-range
$257500
$280000
Standard Deviation
$124048
$148084
Qualitative Analysis

There are currently 18,960 3 bedroom owner occupied houses in Kent County and in New Castle there are 65,410 3 bedroom owner occupied houses (www.City-Data.com). The number of 3-bedroom houses in Kent County is higher than 1, 2, 4 or 5 bedroom houses. Same is the case in New Castle County. The range of these houses varies greatly in both counties as can be seen from the table above. From the randomly selected houses the difference in price emerges to be greater in New Castle. However it would be inappropriate to base any conclusion on this fact alone. Yet it is understood that the price does vary greatly in both counties, which can be accounted to the varying factors of geographical, social and security in different regions. Differing prices can also be because of differing area covered by the houses. The frequency distribution table shows that in both counties the number of houses in similar price ranges is nearly the same. The frequency is highest in the price range of $300000-$400000, indicating that this may be the normal price range for a 3 bed house. The $400000-$500000 price range also holds a high number of houses.

Thus it can be assumed that if chosen at random, a house in both the Kent and New Castle County will lie in this range. As such there is no difference between both the counties indicating that real estate property price is nearly the same in both counties, even though New Castle seems more developed with more population and evidently more social facilities available. The mean of both the counties are not the same, a difference of approximately $50,000 lies, with Kent County having a higher mean, but this can be due to the randomness and differing ranges of the counties. Yet it can also be said that estate property in Kent County has a higher price. Surprisingly the highest price in Kent County is of a 1632 Sq. Ft. house and New Castle has the same price for double the area. This anomaly and the higher mean of Kent County can be due to various factors. It also means that Kent County has a higher price for land value even if it is less developed and less populated than New Castle County. This can be due to the fact that as being more populated New Castle could have a higher crime rate or Kent County could have a more peace environment or an exclusive social seclusion for people running away from the hassles of a populated area. Another notable factor is that Kent has newer houses than New Castle (www.City-Data.com). New Castle had more houses built from 1939 to 1965 and then afterwards Kent County has more new houses built from 1970 to 1998 than New Castle. Newer houses would of course mean higher prices which is why Kent County has high prices for a less developed region.

The median and modal classes of both the counties are also the same, another property that tells us that the average prices in both the counties are similar. Also in 2000 the median price for every vacant house in New Castle was $103,700 and for Kent County $90,000 (www.City-Data.com). This shows that property price is nearly alike in both counties and analysis of the data collected for this review shows that recently Kent and New Castle are getting closer when it comes to average property price. This can also mean that Kent County is catching up even if it is less populated or even not as much developed as New Castle. The Standard Deviation of both counties are quite small compared to the prices which means that the prices are mostly clustered around the mean, as can be seen from the graphical representations shown before.

Bibliography

http://www.delawareatoz.com/en.php/properties/kent/-/house/
http://www.delawareatoz.com/en.php/properties/newcastle/-/house/
City-Data.com

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