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# Statistics Case Study

Case 2: Gulf Real Estate Properties. Provide a Managerial Report that includes:

* Appropriate descriptive statistics to summarize each of the three variables for the forty Gulf View condominiums

* Appropriate descriptive statistics to summarize each of the three variables for the eighteen No-Gulf View condominiums

* Comparison of your summary results from #1 & #2. 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. Also, interpret the results.

* 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: 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?

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DATA

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

#### Solution Preview

See the attached Excel file.

(1) Appropriate descriptive statistics to summarize each of the three variables for the forty Gulf View condominiums
List Price: Gulf View Sales Price: Gulf View

Sample Size 40 Sample Size 40
Minimum \$169,900 Minimum \$165,000
Maximum \$975,000 Maximum \$975,000
Range \$805,100 Range \$810,000
Median \$437,000 Median \$417,500
Mean \$474,007.50 Mean \$454,222.50
St. Dev. \$197,290.03 St. Dev. \$192,517.75

(2) Appropriate descriptive statistics to summarize each of the three variables for the eighteen No-Gulf View condominiums
List Price: No Gulf View Sales Price: No Gulf View

Sample Size 18 Sample Size 18
Minimum \$148,000 Minimum \$135,500
Maximum \$322,000 Maximum \$292,500
Range \$174,000 Range \$157,000
Median \$212,500 Median \$203,500
Mean \$212,805.56 Mean \$203,188.89
St. Dev. \$48,945.28 St. Dev. \$43,891.72

(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.

List Price

The Gulf View condos have a higher average listing price than No Gulf View Condos (\$474,007.50 vs. \$212,805.56).
The Gulf View condos also have a higher median listing price than No Gulf View Condos (\$437,000 vs. \$212,500).
The data for the Gulf View condos are more variable than the data for the No Gulf View condos (larger range and standard deviation).

Sales Price

The Gulf View condos ...

\$2.19