Standard Deviation and Gulf View Condominiums
Case 2: Gulf Real Estate Properties. Please provide a Managerial Report that includes: 1. Appropriate descriptive statistics to summarize each of the three variables for the forty Gulf View condominiums 2. Appropriate descriptive statistics to summarize each of the three variables for the eighteen No-Gulf View condominiums 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. 4. 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. 5. 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: 6. 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? GULF VIEW CONDOMINIUMS List Price Sales Price Days to Sell 95000 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 15000 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 149900146500 137 160000 160000 281 322000 29250063 187500 179000 48 247000 227000 52 Let me know if you have any questions… Answers (1) Descriptive statistics to summarize each of the three variables for the forty Gulf View condominiums
List Price | | Sales Price | | Days to Sell | | | | | | | | Mean| 474007. 5| Mean| 454222. 5| Mean| 106| Standard Error| 31194. 293| Standard Error| 30439. 72954| Standard Error| 8. 256078| Median| 437000| Median| 417500| Median| 96| Mode| 975000| Mode| 305000| Mode| 85| Standard Deviation| 197290. 03| Standard Deviation| 192517. 7534| Standard Deviation| 52. 21602| Sample Variance| 3. 892E+10| Sample Variance| 37063085378| Sample Variance| 2726. 513| Kurtosis| 1. 0113289| Kurtosis| 1. 183621479| Kurtosis| 2. 022026| Skewness| 1. 0958146| Skewness| 1. 159387914| Skewness| 1. 077642| Range| 805100| Range| 810000| Range| 254|
Minimum| 169900| Minimum| 165000| Minimum| 28| Maximum| 975000| Maximum| 975000| Maximum| 282| Sum| 18960300| Sum| 18168900| Sum| 4240| Count| 40| Count| 40| Count| 40| Confidence Level(95. 0%)| 63096. 412| Confidence Level(95. 0%)| 61570. 16398| Confidence Level(95. 0%)| 16. 69949| (2) Descriptive statistics to summarize each of the three variables for the eighteen No-Gulf View condominiums List Price | | Sales Price | | Days to Sell | | | | | | | | Mean| 212805. 6| Mean| 203188. 9| Mean| 135| Standard Error| 11536. 51| Standard Error| 10345. 38| Standard Error| 17. 98402| Median| 212500| Median| 203500| Median| 126|
Mode| 279000| Mode| 179000| Mode| #N/A| Standard Deviation| 48945. 28| Standard Deviation| 43891. 72| Standard Deviation| 76. 29972| Sample Variance| 2. 4E+09| Sample Variance| 1. 93E+09| Sample Variance| 5821. 647| Kurtosis| -0. 08524| Kurtosis| -0. 46407| Kurtosis| 2. 215301| Skewness| 0. 543955| Skewness| 0. 304181| Skewness| 1. 360547| Range| 174000| Range| 157000| Range| 290| Minimum| 148000| Minimum| 135500| Minimum| 48| Maximum| 322000| Maximum| 292500| Maximum| 338| Sum| 3830500| Sum| 3657400| Sum| 2430| Count| 18| Count| 18| Count| 18| Confidence Level(95. 0%)| 24339. 92| Confidence Level(95. 0%)| 21826. 4| Confidence Level(95. 0%)| 37. 94296| (3) Comparisons The mean sale price of gulf view condominiums is greater than that of non gulf view condominiums. The mean number of days to sell gulf view condominiums is less tha that of non gulf view condominiums. The variation in the sale prices of gulf view condominiums are more than that of non gulf view condominiums. The variation in the number of days to sell of gulf view condominiums are more than that of non gulf view condominiums. (4) GULF VIEW CONDOMINIUMS 95% confidence interval for population mean sales price is 45422. 50±61570. 16 =(392652. 34,515792. 6) 95% confidence interval for population mean days to sell is 106±16. 70 =(89. 30,122. 70) (5) NON GULF VIEW CONDOMINIUMS 95% confidence interval for population mean sales price is 203188. 90±21826. 84=(181362. 05,225015. 73) 95% confidence interval for population mean days to sell is 135±37. 94 =(97. 06,172. 94) (6) GULF VIEW CONDOMINIUMS Confidence level = 95% z= 1. 96 s=192517. 75 E=Z*s/vn = 40000 n = (1. 96*192517. 75/40000)^2 = 88. 99 The minimum sample size is 90 GULF VIEW CONDOMINIUMS Confidence level = 95% z= 1. 96 s=43891. 72 E=Z*s/vn = 15000 n = (1. 96*43891. 72/15000)^2 = 32. 89 The minimum sample size is 33
