Gulf View Condominiums No Gulf View Condominiums

List Price Sale Price Days to Sell List Price Sale Price Days to Sell
495 475 130 217 217 182
379 350 71 148 135.5 338
529 519 85 186.5 179 122
552.5 534.5 95 239 230 150
334.9 334.9 119 279 267.5 169
550 505 92 215 214 58
169.9 165 197 279 259 110
210 210 56 179.9 176.5 130
975 945 73 149.9 144.9 149
314 314 126 235 230 114
315 305 88 199.8 192 120
885 800 282 210 195 61
975 975 100 226 212 146
469 445 56 149.9 146.5 137
329 305 49 160 160 281
365 330 48 322 292.5 63
332 312 88 187.5 179 48
520 495 161 247 227 52
425 405 149
675 669 142
409 400 28
649 649 29
319 305 140
425 410 85
359 340 107
469 449 72
895 875 129
439 430 160
435 400 206
235 227 91
638 618 100
629 600 97
329 309 114
595 555 45
339 315 150
215 200 48
395 375 135
449 425 53
499 465 86
439 428.5 158
 Summary Statistics of Samples
List Price Sale Price Days to Sell
Statistics Gulf View No Gulf View Gulf View No Gulf View Gulf View
Mean 474.01 212.81 454.22 203.19 106.00
Standard Error 31.19 11.54 30.44 10.35 8.26
Median 437.00 212.50 417.50 203.50 96.00
Mode 975.00 279.00 305.00 179.00 85.00
Standard Deviation 197.29 48.95 192.52 43.89 52.22
Sample Variance 38923.36 2395.64 37063.09 1926.48 2726.51
Kurtosis 1.01 -0.09 1.18 -0.46 2.02
Skewness 1.10 0.54 1.16 0.30 1.08
Range 805.10 174.00 810.00 157.00 254.00
Minimum 169.90 148.00 165.00 135.50 28.00
Maximum 975.00 322.00 975.00 292.50 282.00
Sum 18960.30 3830.50 18168.90 3657.40 4240.00
Co-Efficient of Variance 42% 23% 42% 22% 49%
Count 40 18 40 18 40

List Price Sale Price Days to Sell

Gulf View No Gulf View Gulf View No Gulf View Gulf View
Number of Samples 40 18 40 18 40
Sample Mean 474.01 212.81 454.22 203.19 106.00
Standard Deviation 197.29 48.95 192.52 43.89 52.22
Standard Error 31.19 11.54 30.44 10.35 8.26
Confidence Interval 95% 95% 95% 95% 95%
Z Value 1.96 1.96 1.96 1.96 1.96
Margin of Error 61.14 22.61 59.66 20.28 16.18
Lower 412.87 190.19 394.56 182.91 89.82
Upper 535.15 235.42 513.88 223.47 122.18
 1. Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View
Days to Sell condominiums.
No Gulf View 2. Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View
135.00 condominiums.
17.98 3. Compare your summary results. Discuss any specific statistical results that would help a real estate
126.00 agent understand the condominium market.
#N/A 4. Develop a 95% confidence interval estimate of the population mean sales price and population mean
76.30 number of days to sell for Gulf View condominiums. Interpret your results.
5821.65 5. Develop a 95% confidence interval estimate of the population mean sales price and population mean
2.22 number of days to sell for No Gulf View condominiums. Interpret your results.
1.36 6. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums
290.00 with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a
48.00 margin of error of $15,000. Using 95% confidence, how large should the sample sizes be?
338.00 7. Gulf Real Estate Properties just signed contracts for two new listings: a Gulf View condominium with
2430.00 a list price of $589,000 and a No Gulf View condominium with a list price of $285,000. What is your
57% estimate of the final selling price and number of days required to sell each of these units?
18
Question 6
Days to Sell
No Gulf View Gulf View No Gulf View
18 Margin of Error 40 15.00
135.00 Z Value 1.96 1.96
76.30 Standard Deviation 192.52 43.89
17.98 3.8416 3.8416
95% 37063.08538 1926.4833987
1.96 1600 225
35.25 Samples Required 88.99 32.89
99.75
170.25
Question 7 Selling Price Days
Gulf View List Price 589 0.5828601705 566.433430576373 136.4346387
No Gulf View List Pric 285 1.475003159 267.929319820181 247.542326
iables for the 40 Gulf View

iables for the 18 No Gulf View

at would help a real estate

s price and population mean

s price and population mean

ce of Gulf View condominiums

w condominiums with a
mple sizes be?
ulf View condominium with
$285,000. What is your
of these units?
4. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sel
5. Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sel

5
Sale Price Days to Sell
Mean 203.19 Mean 135.00
SD 43.89 SD 76.30
95% Confidence Interval 21.83 95% Confidence Interval 37.94
Upper Limit 225.02 Upper Limit 172.94
Lower Limit 181.36 Lower Limit 97.06

For no gulf view condominiums we have got the interval estimate for sales price as 225.02(upper limit) and 181.36(lower limit
with 95% confidence level we can say that the mean sales price of no gulf view condomonium lies between 225.02 and 181.36

For no gulf view condominiums we have got the interval estimate for no of days to sell as 172.94(upper limit) and 97.06(lower
with 95% confidence level we can say that the mean no of days to sell no gulf view condomonium lies between 172.94 and 97

4
Sale Price Days to Sell
Mean 454.22 Mean 106.00
SD 192.52 SD 52.22
95% Confidence Interval 61.57 95% Confidence Interval 16.70
Upper Limit 515.79 Upper Limit 122.70
Lower Limit 392.65 Lower Limit 89.30

For gulf view condominiums we have got the interval estimate for sales price as 515.79(upper limit) and 392.65(lower limit) w
with 95% confidence level we can say that the mean sales price of gulf view condomonium lies between 515.79 and 392.65

For gulf view condominiums we have got the interval estimate for no of days to sell as 122.70(upper limit) and 89.30(lower lim
with 95% confidence level we can say that the mean no of days to sell gulf view condomonium lies between 122.70 and 89.30
 mean number of days to sell for Gulf View condominiums. Interpret your results.
mean number of days to sell for No Gulf View condominiums. Interpret your results.

limit) and 181.36(lower limit) with margin of error 21.83

between 225.02 and 181.36

upper limit) and 97.06(lower limit) with margin of error 37.94

lies between 172.94 and 97.06

it) and 392.65(lower limit) with margin of error 61.57

tween 515.79 and 392.65

per limit) and 89.30(lower limit) with margin of error 16.70

s between 122.70 and 89.30