T-Mobile 11:15 PM OO app schoology.com ption 1 Gulf Real Estate Properties bal L

Question

T-Mobile 11:15 PM OO app schoology.com ption 1 Gulf Real Estate Properties bal Library Gulf Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as an "expert in the real estate market," monitors condominium sales by collecting data on location, list price, sale price, and the number of days it takes to sell each unit. Each condominium is classified as Gulf View if it is located directly on the Gulf of Mexico, or No Gulf View if it is located on the bay or a golf course (near but not on the Gulf). Sample data from the Multiple Listing Service in Naples, Florida, provided sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. The complete data set is in the file named Real Estate linked at the bottom of the page. Managerial Report Prepare a report (see below) that summarizes your assessment of the nature of the housing market in southwest Florida. Be sure to include the following seven (7) items in your report. 1. Descriptive statistics (mean, median, range, and standard to summarize each of the three variables for the 40 Gulf View condominiums. Are there any outliers in the data set for any of the three variables If there are any in any category, please list them and state for which category they are an outlier Describe which method you used to make your determination 2. Descriptive statistics (mean, median, range, and standard to summarize each of the three variables for the 18 No Gulf View condominiums. Are there any outliers in the data set for any of the three variables If there are any outliers in any category, please list them and state for which category they are an outlier Describe which method you used to make your determination 3. Compare your summary results from a1 and a2. Discuss any specific statistical results that would help a real estate agent understand the condominium market. a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf view condominiums. Interpret your a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for No Gulf view condominiums. Interpret 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 error of s15,000. Using 9S% confidence, how large should the sample sizes be for each? 7. Gulf Real Estate Properties just signed contracts for two new listings: a Gulf View condominium with a list price of $589,000 and a No Gulf View condominium with a list price of $285,000. What is your estimate of the final selling price based on the percent difference for the sale and list price) and number of days required to sell each of these units?

Explanation / Answer

1. For the 40 numbered sample

To find outliers, find 1st quartile i.e. 25th percentile. sort the 40 members and take the 10th member (avg of 10 and 11th member),

similarly find 3rd quartile, 75th percentile, take the avg of 30+31st member

find interquartile range (IQR) as diff between 3rd quartile and 1st quartile

Get the lower limit as 1st quartile - 1.5 IQR and upper limit as 3rd quartile + 1.5 IQR

You will find these limits

Comparing the 40 value of 1st column with two limits in the 1st column and doing the same for the other two columns, we find that there are no outliers

b) for the 14 membered sample

Doing the same method in a) for finding the limits of the outliers, we get

c) they are not comparable distributions as one set's mean is 600+ and the other is 200+

std deviation of first set is 40% of the mean for the first 2 variables and is 48% for the 3rd variable. It is pretty high - meaning the distribution is fluctuating and volatile

std deviation of second set is 20% of the mean for the first 2 variables and is 55% for the 3rd variable. This is better than the 1st set and hence both the prices are not flucuating too much around the mean. Where as the days to sell is still around 50% similar to the first set and hence fluctuating.

d) for the 40 member sample

only 10 are within limits and 30 are outside 95% confidence limits

mean      603.48         568.36          157.40 median      605.50         581.60          172.00 range      810.00         778.60          278.00 std devn      243.84         226.76 75.82

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