An appraiser completing a market-conditions analysis reviews seven recent closed sales in the subject's competitive segment. Their days on market (DOM) were 11, 19, 24, 27, 35, 41, and 48 days. What is the median DOM?
Correct Answer
B) 27 days
Ordered sample has 7 observations; median is the 4 th=27 days. Use the same population, period and price/listing definition throughout. Common errors: computing the mean instead of the median gives 29 days; reporting the shortest DOM gives 11 days; reporting the longest DOM gives 48 days.
Why This Is the Correct Answer
Option B is correct because the seven DOM values are already ordered (11, 19, 24, 27, 35, 41, 48), and with an odd count the median is the 4th value, 27 days. Three observations fall below it and three above it.
Why the Other Options Are Wrong
Option A: 11 days
Option A is wrong because 11 days is simply the shortest DOM in the list, not the middle value. The median of seven ordered values is the 4th observation, 27 days.
Option C: 29 days
Option C is wrong because 29 days is the mean, not the median: (11 + 19 + 24 + 27 + 35 + 41 + 48) / 7 = 205 / 7 = about 29. The median is the middle ordered value, 27 days.
Option D: 48 days
Option D is wrong because 48 days is the longest DOM in the list, not the middle value. The median of seven ordered values is the 4th observation, 27 days.
Odd count, one middle
For an odd count, the median position is (n + 1) / 2, so seven values put the median at position 4.
How to use: Use the (n + 1) / 2 position to find the median quickly in any odd-numbered list.
Exam Tip
Confirm the list is in order before picking the middle value, and check whether a nearby answer is actually the mean.
Common Mistakes to Avoid
- -Reporting the mean when the median is requested
- -Picking the middle value from an unordered list
- -Reporting the shortest or longest DOM as typical
Concept Deep Dive
Analysis
This question tests calculating a median for an odd number of observations. With seven ordered values, the median is the single central observation, the fourth value, and you must not confuse it with the mean or the extremes.
Background Knowledge
The median is the middle value of an ordered data set; with an odd number of observations it is the single central value, and with an even number it is the average of the two middle values. Market conditions analysis commonly reports median days on market because the median is less affected by a few unusually long or short marketing periods. The same population and period should be used throughout.
Real-World Application
An appraiser preparing a market conditions analysis lists DOM for seven competing closed sales. Reporting a median of 27 days limits the influence of the one 48-day sale and gives the reader a typical marketing time for the segment.
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