Case 2: Gulf Real Estate Properties. Please provide a Managerial Report that includes: 1.
Appropriate descriptive statistics to summarize each of the three variables for the forty Gulf
View condominiums 2. Appropriate descriptive statistics to summarize each of the three
variables for the eighteen No-Gulf View condominiums 3. Comparison of your summary results
from #1 & #2. Discuss any specific statistical results that would help a real estate agent
understand the condominium market. 4. A 95% confidence interval estimate of the population
mean sales price and population mean number of days to sell for Gulf View condominiums.
Also, interpret the results. 5. A 95% confidence interval estimate of the population mean sales
price and population mean number of days to sell for Gulf View condominiums. Also, interpret
the results. Also, consider the following scenario and include your responses in your Report: 6.
Assume the branch manager requested estimates of the mean selling price of Gulf View
condominiums with a margin of error of $40,000 and the mean selling price of No-Gulf View
condominiums with a margin of effort of $15,000. Using 95% confidence, how large should the
sample sizes be?
GULF VIEW CONDOMINIUMS
List Price
Sales Price
Days to Sell
495000
475000
130
379000
350000
71
529000
519000
85
552500
534500
95
334900
334900
119
550000
505000
92
169900
165000
197
210000
210000
56
975000
945000
73
314000
314000
126
315000
305000
88
885000
800000
282
975000
975000
100
469000
445000
56
329000
305000
49
365000
330000
48
332000
312000
88
520000
495000
161
425000
405000
149
675000
669000
142
409000
400000
28
649000
649000
29
319000
305000
140
425000
410000
85
359000
340000
107
469000
449000
72
895000
875000
129
439000
430000
160
435000
400000
206
235000
227000
91
638000
618000
100
629000
600000
97
329000
309000
114
595000
555000
45
339000
315000
150
215000
200000
48
395000
375000
135
449000
425000
53
499000
465000
86
439000
428500
158
No Gulf View Condominiums
List Price Sales Price Days to Sell
217000
217000
182
148000
135500
338
186500
179000
122
239000
230000
150
279000
267500
169
215000
214000
58
279000
259000
110
179900
176500
130
149900
144900
149
235000
230000
114
199800
192000
120
210000
195000
61
226000
212000
146
149900
146500
137
160000
160000
281
322000
292500
63
187500
179000
48
247000
227000
52
Let me know if you have any questions...
Answers
(1) Descriptive statistics to summarize each of the three variables for the forty Gulf View
condominiums
List Price
Sales Price
Mean
Standard Error
Median
Mode
Standard
Deviation
474007.5
31194.293
437000
975000
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
Confidence
Level(95.0%)
3.892E+10
1.0113289
1.0958146
805100
169900
975000
18960300
40
197290.03
63096.412
Mean
Standard Error
Median
Mode
Standard
Deviation
Sample
Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
Confidence
Level(95.0%)
Days to Sell
454222.5
30439.72954
417500
305000
192517.7534
37063085378
1.183621479
1.159387914
810000
165000
975000
18168900
40
61570.16398
Mean
Standard Error
Median
Mode
Standard
Deviation
Sample
Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
Confidence
Level(95.0%)
106
8.256078
96
85
52.21602
2726.513
2.022026
1.077642
254
28
282
4240
40
16.69949
(2) Descriptive statistics to summarize each of the three variables for the eighteen NoGulf View condominiums
List Price
Mean
Standard Error
Median
Mode
Standard
Deviation
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
Confidence
Level(95.0%)
Sales Price
212805.6
11536.51
212500
279000
48945.28
2.4E+09
-0.08524
0.543955
174000
148000
322000
3830500
18
24339.92
Mean
Standard Error
Median
Mode
Standard
Deviation
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
Confidence
Level(95.0%)
Days to Sell
203188.9
10345.38
203500
179000
43891.72
1.93E+09
-0.46407
0.304181
157000
135500
292500
3657400
18
21826.84
Mean
Standard Error
Median
Mode
Standard
Deviation
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
Confidence
Level(95.0%)
135
17.98402
126
#N/A
76.29972
5821.647
2.215301
1.360547
290
48
338
2430
18
37.94296
(3) Comparisons
The mean sale price of gulf view condominiums is greater than that of non gulf view
condominiums.
The mean number of days to sell gulf view condominiums is less tha that of non gulf view
condominiums.
The variation in the sale prices of gulf view condominiums are more than that of non gulf
view condominiums.
The variation in the number of days to sell of gulf view condominiums are more than that of
non gulf view condominiums.
(4) GULF VIEW CONDOMINIUMS
95% confidence interval for population mean sales price is 45422.50±61570.16
=(392652.34,515792.66)
95% confidence interval for population mean days to sell is 106±16.70 =(89.30,122.70)
(5) NON GULF VIEW CONDOMINIUMS
95% confidence interval for population mean sales price is
203188.90±21826.84=(181362.05,225015.73)
95% confidence interval for population mean days to sell is 135±37.94 =(97.06,172.94)
(6) GULF VIEW CONDOMINIUMS
Confidence level = 95%
z= 1.96
s=192517.75
E=Z*s/√n = 40000
n = (1.96*192517.75/40000)^2 = 88.99
The minimum sample size is 90
GULF VIEW CONDOMINIUMS
Confidence level = 95%
z= 1.96
s=43891.72
E=Z*s/√n = 15000
n = (1.96*43891.72/15000)^2 = 32.89
The minimum sample size is 33