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
Mean
I mean it! Give me the average, now!
Add up all the numbers and divide by the number of elements or items to get the
MEAN average.
Median
What number is in the middle?
Put numbers in numerical order and find the middle number of the list to find the
MEDIAN average.
Reviewing Mode & Range
Mode
Did you say Mode or Most often?
Look for the number in the list that is used most often.
Bernadette Sorenson & Patti Refsland MNI 2013/14
Being Real About Real Estate
Range
Reviewing Mean, Median, Mode and Range
What’s the distance from one side to
the other?
To find the range, find the distance from the smallest number to the largest number
by subtracting.
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
$89,000
$97,900
$105,000
$114,900
$118,500
Mean
I mean it!
Give me the average, now!
Add up all the numbers and divide by the number of elements or items to get the MEAN
average.
• 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.
Median
What number is in the middle?
Put numbers in numerical order and find the middle number of the list to find the MEDIAN average.
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 6th number.
The number at middle position = the Median = $89K
What is the median average?
$89,000 is the median average
Mode
Did you say Mode or Most often?
Look for the number in the list that is used most often.
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.
Reviewing Mean, Median, Mode and Range
Range
What’s the distance from one side to the other?
To find the range, find the distance from the smallest number to the largest number by subtracting.
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
Mean
Median
• Why is the mean price
of the sold real estate
important when buying
real estate? Is it an
actual price?
• Why would the median
price of sold real estate
be useful when
searching for a home to
purchase?
Comparing, Mean, Median, Mode, Range
Mode
Range
• Is the mode average
helpful when
purchasing real estate?
• 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
http://www.Zillow.com
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:
– http://www.Edready.org
– http://www.AAAknow.com
Financial Literacy
– MoneySmart
https://www.fdic.gov/consumers/consumer/mone
ysmart/adult.html
TIF that lesson!
• Prior ACES trained teachers in one group
• Non-ACES trained teachers in another group
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.
Lesson/Materials
Components
Warm-up:
Introduction:
Guided Practice:
Independent Practice:
Extension:
Assessment:
Assess
Complement
Evaluate
(Category, skill, sub skill)
(Category, skill, sub skill)
(Student evidence)
Study & Reflect
Questions?
Comments?
Suggestions?