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    Statistics Case Study

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    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

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    https://brainmass.com/statistics/descriptive-statistics/statistics-case-study-344793

    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

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