Do you understand the difference between median and average pricing , or would you have to use Google?

[molonski2]

Updates

+1 y

Many seem to have a good handle on what " Median " actually is , as against " Average " .

[Phoenix98]

Median would be the price set in the middle of the sales data between high and low.

Average if I remember right they take like all the sales from a certain area or maybe it was households in a certain area from within a certain timeframe and divide that by something. I'm sure I've got part of that wrong but it's been a while since I looked at that kinda stuff.

[molonski2]

Yeah average , just add all sales and divide my the number of sales.

[Phoenix98]

Ah gotcha.

[rigmarole]

The median is the midpoint in a dataset. Half the values will be greater and the other half will be smaller. So for example the median of (1, 4, 5, 6, 10, 11, 12) is 6, but if you add up the dataset and divide by the number of records you find the average is 7.

[molonski2]

Yes thats a good example.

[slatyb]

Average: the total sales divided by units sold.
Median: half sold for more, half for less.

Often the median is more useful. If there are 9 people making $50,000/year and 1 person making $1,000,000/year, the average is $145,000 but that tells us nothing about how much most people are getting.

[NathanDavis]

Yes.

[molonski2]

Care to elaborate?

[NathanDavis]

same as the median and the average... in statistics

[molonski2]

Yes , same formula.

[NathanDavis]

are you in sales... lol

[molonski2]

Yeah , used to sell land subdivisions for many years.

[NathanDavis]

I would ask for both then... lol

[molonski2]

haha , I'd tell you to work it out yourself , as I dont want my top end sales ignored..
No one ever asked I just used to work out for interest.

[IslaTheWitch]

Sure, it's quite basic, right?

[molonski2]

Yeah , you take out percentage of bottom and top , as for example on super high top end sale can skew the average , as could some super cheap ( er )