MNI, ACES and Integrating Technology: It can all come together! Patti Refsland and Sarah Larson

Today’s Objectives: Bringing it All together TIF the lesson (ACES training only) MNI mini-course – Measures of Central Tendency: mean, median, mode, and range Integrating Technology

MEAN, MEDIAN, MODE, AND RANGE What measures of central tendency would be useful when purchasing real estate?

Framework of Being Real About Real Estate  SWBAT compute the four averages AND see what averages would be useful when purchasing real estate.  Integrating technology using 5 sold real estate properties from Zillow, students will calculate the mean, median, mode and range, and determine how these numbers may be helpful when purchasing real estate.

Reviewing Mean & Median

Reviewing Mode & Range

Putting It into Practice with Real Estate Using eleven sold real estate properties from the Bemidji area I calculated the Mean, Median, Mode and Range. Follow along the calculations: Mean Median Mode Range:

Limited List of Sold Properties in 2013 in Targeted Area $75,000 $77,000 $84,500 $85,000 $87,000 $89,000 $97,900 $105,000 $114,900 $118,500

From the list of prices of sold homes find the Mean: 75K, 77K, 84.5K, 85K, 87K, 89K, 89K, 97.9K, 105K, 114.9K, 118.5K Step 1. Add up all of the prices of sold homes; the sum is $1,022,800. Step 2. Next, count the number of properties (11) and divide by that number to get the MEAN. 1,022,800 ÷ 11 = 92,982 $92,982 is the Mean average purchase price of the sold homes.

Sold real estate prices: Step 1: From the list of prices of sold homes find the Median: 75K, 77K, 84.5K, 85K, 87K, 89K, 89K, 97.9K, 105K, 114.9K, 118.5K Count the total numbers given. There are 11 prices in the list, which is an odd number. Note: use the rule for odd number of elements. Step 2: Arrange the numbers in ascending (least expensive to most expensive) order. Step 3: The rule to follow when there is an odd number of elements: The total number of prices in this list (11) is odd. The middle number can be calculated by using the formula: (n+1)/2 So the middle number is (11+1)/2 = 12/2 = 6 Count from the beginning of the list to the 6 th number. The number at middle position = the Median = $89K What is the median average? $89,000 is the median average

Here again are the prices of the homes we have listed: 75K, 77K, 84.5K, 85K, 87K, 89K, 89K, 97.9K, 105K, 114.9K, 118.5K Step 1. Look to find the price for the home that is repeated the most often. There is a price that is listed twice and that price is $89K. The mode from the prices listed is $89,000.

75K, 77K, 84.5K, 85K, 87K, 89K, 89K, 97.9K, 105K, 114.9K, 118.5K Step 1. Looking at the list of prices of homes, find the least expensive home. Step 2. Looking at the same list find the most expensive home. Step 3. Write them as a subtraction problem: 118,500– 75,000= 43,500 The Range is $43,500.

Comparing, Mean, Median, Mode, Range Why is the mean price of the sold real estate important when buying real estate? Is it an actual price? Mean Median Why would the median price of sold real estate be useful when searching for a home to purchase?

Comparing, Mean, Median, Mode, Range Mode Is the mode average helpful when purchasing real estate? Range Would it be helpful to know the price range of sold homes in the neighborhood where you are purchasing a home? Is the range important? If so, why?

Integrating technology Students will be able to navigate to find five sold real estate properties using zillow.com by narrowing the search by selecting desired features and location.

Integrating Technology

Integrating Technology using Zillow – Rental units – Monthly payments for mortgages – Mortgage rates to compare – Graphs of home values – Mortgage Education Center – Buyer’s guide – Renter’s guide – Houses, condos, etc. forsale – Sold Properties

Assignment 1.Go to Zillow.com and search your chosen area for sold homes only. 2.Find five SOLD properties to use in your analysis. 3.Make sure you include the highest and lowest priced sold homes in your chosen area, plus three more sold home prices. 4.Calculate the mean, median, mode and range. 5.Write your answers on the Big sheets under the city assigned to your group.

Comparing & Contrasting 1.How does the real estate measures of central tendency of your group compare to another group: higher, lower, or the same? 2.Why is it beneficial to know this information when buying a house? 3.Which measure of central tendency, do you think is most beneficial when purchasing a home? Why?

Comparing, Mean, Median, Mode, Range What average(s) do you think is the most useful when comparing real estate prices? Why?

Variations on the theme What other themes could you use to learn measures of central tendency? Compare rental prices Compare cell phone plans Compare gas mileage along with car payments Compare car insurance Compare grocery store prices

Other Websites Math sites: – – Financial Literacy – MoneySmart ysmart/adult.html ysmart/adult.html

TIF that lesson! Prior ACES trained teachers in one group Non-ACES trained teachers in another group

Lesson/Materials Components Assess (Category, skill, sub skill) Complement (Category, skill, sub skill) Evaluate (Student evidence) Study & Reflect Warm-up: Introduction: Guided Practice: Independent Practice: Extension: Assessment: TIF-ing a Lesson The first column outlines standard lesson components. Assess the original lesson to identify which TIF skills are addressed in each applicable lesson component. Complement the lesson by adding elements to the lesson that address additional TIF skills. Evaluate the outcomes of the lesson after instruction using student evidence. Study and reflect about what else the students need as well as what the instructor needs.

Questions? Comments? Suggestions?