PLEASE PROVIDE EXCEL FORMULAS FOR THE FOLLOWING: Gulf Real Estate Properties, In

Question

PLEASE PROVIDE EXCEL FORMULAS FOR THE FOLLOWING:
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.

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.

Descriptive statistics (mean, median, range, and standard deviation) 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 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- and list the excel formulas to find your answers.

Descriptive statistics (mean, median, range, and standard deviation) 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- and list the excel formulas to find your answers.

Compare your summary results from #1 and #2. Discuss any specific statistical results that would help a real estate agent understand the condominium market.

Develop 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 results and list the excel formulas to find your answers.

Develop 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 your results and list the excel formulas to find your answers.

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 $15,000. Using 95% confidence, how large should the sample sizes be for each?

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?
Please list HOW to find these answers in Excel.

Gulf View Condominiums No Gulf View Condominiums List Price Sale Price Days to Sell List Price Sale Price Days to Sell 862 799.1 243 167 165.2 160 396 368.7 226 291 283.1 239 611 603.7 263 217 214.2 369 351 335.9 217 275 270.1 103 997 976.1 38 198 195.6 373 744 700.8 52 178 175.7 164 765 748.9 237 274 263.6 214 178 165 196 230 223.6 42 831 782 281 183 177.9 309 309 305 219 164 155.3 143 248 232.6 84 271 267.2 112 417 415.3 125 284 272.1 83 911 865.5 97 184 181.6 243 596 567.4 149 242 239.1 244 792 777 292 278 276.6 341 230 222 278 216 213.2 206 873 855.5 262 258 249.7 262 193 190.5 276 230 218.3 238 151 150.8 263 902 877.6 117 644 598.3 201 302 292.9 130 719 707.5 291 931 900.3 251 901 873.1 83 559 538.9 108 541 523.7 52 219 218.8 148 822 800.6 270 563 527.5 56 505 488.8 45 930 860.3 130 455 425.9 269 803 790.2 259 207 199.8 132 385 368.1 283 795 783.9 32 331 324.7 131 367 348.7 91 278 270.2 234

Explanation / Answer

USE THESE FORMULAS:

Use average formuale to find mean, mean=average(data)
For median, use formuale =median(data)
For range use formuale =max(data)-min (data)
For std devaition use formuale =stdev.s(data)

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

2. For the 18 numbered sample

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

3. They are not comparable distributions as one set's mean is 500+ 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.

PLEASE POST REST OF THE PARTS AS SEPARATE QUESTIONS

mean 565.35 544.54 177.775 median 561 533.2 198.5 range 846 825.3 260 std devn 262.78 253.119 85.68

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