What is the Range in statistics regarding sales ratios?

The range in statistics is defined as the difference between the highest and lowest values in a dataset. In the context of sales ratios, this means that the range provides a measure of the spread or dispersion of those sales ratios by indicating how far apart the most extreme values are. This can be particularly useful for appraisers and assessors as it helps them understand the variability in sales ratios across different properties or transactions.

By knowing the range, one can identify the extent of variation in the sales ratios, which may impact the analysis of property values. A larger range would indicate greater differences in sales ratios, potentially reflecting diverse market conditions or property characteristics, while a smaller range suggests that the sales ratios are more consistent.

Considering the other options, the average of all sales ratios provides a central value but does not indicate variability. The total number of sales is a count and doesn't convey any statistical dispersion. The median assessment ratio represents another measure of central tendency but, like the average, does not inform about the spread of the data. Therefore, the most informative measure regarding the sales ratios' spread is indeed the difference between the highest and lowest ratio, making it the correct choice.