Florida reappraises real estate every year, and the county

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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