This is the fourth in a series of posts about housing values in the historic Bon Air Neighborhood.as defined by the following boundaries: Furman Blvd on the east, Hikes Lane on the south, Bardstown Road on the East, and the Watterson Expressway/Taylorsville Rd on the North.
The database for this research was created from the Jefferson County Property Valuation Administrator (PVA) website and the Lojic.org website. Both have similar data, but the PVA site could be pasted into an Excel file. The database was compiled between February 2019 and December 2019. The information was subject to some change based on property sales and re-evaluations.
The statistical software that is being used for the analysis is JASP which is an open source program created by the University of Amsterdam.
The data set was adjusted one more time from last week to eliminate an apartment house did not get removed last week.
To cut to the chase,(and as illustrated in the box plot diagram) housing values tend to be higher in the Bon Air Estates zone with a higher median (middle value) price of $141,800. It has a standard deviation of 28571, which means the majority of the values run between and 113117 and 170259.
The Bon Air zone had the next highest median price with $135,000. It had a wider standard deviation of 30215 which means the majority of values run between $109656 and $170086.
The Highgate Springs zone has the lowest median price with $132,540. The standard deviation was 26069 which means the values mainly ran between $108092 and $160230.
Nerd alert here for a moment. The mode is the most repeating value in a set of data. The mode in both Bon Air and Bon Air Estates is lower than the median (middle point of rank order) and mean (mathematical average).
However, the most recurring value for Highgate Springs ($155,000) is way higher than the both the mean ($134161) and the median ($132,540). Why is this?
Maybe we should do one more thing here and create another chart called a "histogram" to look at how the values are spread out.
Here they are . . .
So, with these charts, we have to talk again about "skewness," which means distortion, but what pulls the numbers in a direction.
The Highgate Springs numbers are almost normally distributed but have a positive skewness (skewness value of 0.405), which could answer for why the mean and median are lower than than the mode. In real terms there are more higher house values that skew the center of values. Nerd moment over.
To finish the skewness thoughts, the Bon Air numbers are positively skewed by a number of very high value houses. The Bon Air Estates housing values are actually negatively skewed by a few lower values.
Overall, the values reflect the diversity in housing stock. Even though it was excluded from this data set, the oldest house in existence is the Bray Mansion (now the Bashford Manor Bed and Breakfast), followed by one of he original Hikes homes, and a few other older farm houses built prior to the development of the 1950's. From 1952 to approximately 1957, a number of different developers built different models of houses at different price points for a number of different customer bases.
While not perfectly homogeneous, the Bon Air Estates zone is the most consistent in having houses with larger square footage and basements. This reflects the higher median value.
The Highgate Springs zone has more diversity in housing stock than Bon Air Estates, but less than Bon Air. There are blocks with what could be called tract or identical houses. Some of these blocks are of higher value that include being brick houses with basements. There are a number of blocks that are the the California Ranch (or kit houses) and the US Steel prefabricated houses (basic three-bedroom ranch houses on concrete slabs).
The Bon Air zone has the most diverse tracts with a variety of house models and values. The higher valued houses skew the overall numbers.
As I have written this post, I have had good memories from my time in J.Allen Whitt's class at the University of Louisville learning SPSS and regression analysis. Dr Whitt was also one of my dissertation advisers. I have gratitude for his tutelage in understanding statistics and writing up research.
.
The database for this research was created from the Jefferson County Property Valuation Administrator (PVA) website and the Lojic.org website. Both have similar data, but the PVA site could be pasted into an Excel file. The database was compiled between February 2019 and December 2019. The information was subject to some change based on property sales and re-evaluations.
The statistical software that is being used for the analysis is JASP which is an open source program created by the University of Amsterdam.
The data set was adjusted one more time from last week to eliminate an apartment house did not get removed last week.
To cut to the chase,(and as illustrated in the box plot diagram) housing values tend to be higher in the Bon Air Estates zone with a higher median (middle value) price of $141,800. It has a standard deviation of 28571, which means the majority of the values run between and 113117 and 170259.
The Bon Air zone had the next highest median price with $135,000. It had a wider standard deviation of 30215 which means the majority of values run between $109656 and $170086.
The Highgate Springs zone has the lowest median price with $132,540. The standard deviation was 26069 which means the values mainly ran between $108092 and $160230.
Nerd alert here for a moment. The mode is the most repeating value in a set of data. The mode in both Bon Air and Bon Air Estates is lower than the median (middle point of rank order) and mean (mathematical average).
However, the most recurring value for Highgate Springs ($155,000) is way higher than the both the mean ($134161) and the median ($132,540). Why is this?
Maybe we should do one more thing here and create another chart called a "histogram" to look at how the values are spread out.
Here they are . . .
The Highgate Springs numbers are almost normally distributed but have a positive skewness (skewness value of 0.405), which could answer for why the mean and median are lower than than the mode. In real terms there are more higher house values that skew the center of values. Nerd moment over.
To finish the skewness thoughts, the Bon Air numbers are positively skewed by a number of very high value houses. The Bon Air Estates housing values are actually negatively skewed by a few lower values.
Overall, the values reflect the diversity in housing stock. Even though it was excluded from this data set, the oldest house in existence is the Bray Mansion (now the Bashford Manor Bed and Breakfast), followed by one of he original Hikes homes, and a few other older farm houses built prior to the development of the 1950's. From 1952 to approximately 1957, a number of different developers built different models of houses at different price points for a number of different customer bases.
While not perfectly homogeneous, the Bon Air Estates zone is the most consistent in having houses with larger square footage and basements. This reflects the higher median value.
The Highgate Springs zone has more diversity in housing stock than Bon Air Estates, but less than Bon Air. There are blocks with what could be called tract or identical houses. Some of these blocks are of higher value that include being brick houses with basements. There are a number of blocks that are the the California Ranch (or kit houses) and the US Steel prefabricated houses (basic three-bedroom ranch houses on concrete slabs).
The Bon Air zone has the most diverse tracts with a variety of house models and values. The higher valued houses skew the overall numbers.
As I have written this post, I have had good memories from my time in J.Allen Whitt's class at the University of Louisville learning SPSS and regression analysis. Dr Whitt was also one of my dissertation advisers. I have gratitude for his tutelage in understanding statistics and writing up research.
.
