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 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.
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.
1.Use appropriate descriptive statistics (5-number summary, mean, mode, 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 determine if there were or not.
2.Use appropriate descriptive statistics (5-number summary, mean, mode, 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 determine if there were or not.
3.Compare your summary results from #1 and #2. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
4.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.
5.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.
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 error of $15,000. Using 95% confidence, how large should the sample sizes be for each?
7.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?
Write a report that adheres to the Written Assignment Requirements under the heading “Expectations for CSU-Global Written Assignments” found in the CSU-Global Guide to Writing and APA Requirements. As with all written assignments at CSU-Global, you should have in-text citations and a reference page.
Be sure that your report contains the following:
•A title page
•A body of the paper that answers the questions posed in the problem and calculations and graphs associated with this problem.
•A conclusion paragraph that addresses your findings and what you have determined from the data and your analysis.
Be sure to submit your Excel file as well.
**If the data below doesn’t format let me know and I can resend.
This is needed by Saturday July, 5th.
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
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