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Real Estate Stats Confidence Interval

Assume you have a real estate investor client who wants you to answer some specific questions about housing in the neighborhood encompassed by the 5 townships in your Real Estate Data Set. Further assume that you have collected this random sample in an effort to answer your client's questions using statistical tools.:

1. Describe the typical house using descriptive statistical techniques by analysis of the mean, standard deviation, 95% confidence interval, and sample size adequacy for the following variables:
Selling Price
Number of bedrooms
Number of Bathrooms
Square feet of house
Distance from city center
2. A local real estate firm Dewey, Cheatem, and Howe, Real Estate Company, has told your client that the average house in this area is valued at $260,000. Your client wants you to evaluate this claim using a One Sample t Test For The Mean.
3. Is there a relationship between sales price and whether or not there is a swimming pool? A garage? Use a Two Sample t to answer these two questions.
4. Your client wants to know the probability of a house selling for less than $200,000 and the probability of a house selling for over $300,000.
5. Your client wants information on square footage as it relates to price. Divide the square footage into two categories, large square footage and small square footage. Determine if there is a statistically significant difference between the selling price of large square footage houses and low square footage houses. This would be a two sample comparison.

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Assume you have a real estate investor client who wants you to answer some specific questions about housing in the neighborhood encompassed by the 5 townships in your Real Estate Data Set. Further assume that you have collected this random sample in an effort to answer your client's questions using statistical tools.:

1. Describe the typical house using descriptive statistical techniques by analysis of the mean, standard deviation, 95% confidence interval, and sample size adequacy for the following variables:
Mean Standard Deviation Sample Size Standard Error 95% Confidence Interval
Lower Limit Upper Limit
Selling Price 221.10 47.11 105.00 4.60 212.09 230.11
Number of bedrooms 3.80 1.50 105.00 0.15 3.51 4.09
Square feet of house 2231.41 249.32 105.00 24.33 2183.72 2279.10
Distance from city center 14.63 4.87 105.00 0.48 13.70 15.56
Number of Bathrooms 2.08 0.39 105.00 0.04 2.01 2.16

2. A local real estate firm Dewey, Cheatem, and Howe, Real Estate Company, has told your client that the average house in this area is valued at $260,000. Your client wants you to evaluate this claim using a One Sample t Test For The ...

Solution Summary

The solution uses confidence intervals to bring statistical significance to some real estate stats.

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