Posted: May 23rd, 2015

Sampling and Statistical Inference

Sampling and Statistical Inference

Project description
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 the 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.

Managerial Report
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.Descriptive statistics (mean, median, 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 make your determination.

2.Descriptive statistics (mean, median, 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 make your determination.

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?

Your report must contain the following:

1.A title page in APA style.
2.An introduction that summarizes the problem.
3.The body of the paper should answer the questions posed in the problem by communicating the results of your analysis. Include results of calculations, as well as charts and graphs, where appropriate.
4.A conclusion paragraph that addresses your findings and what you have determined from the data and your analysis.
5.Submit your Excel file in addition to your report.
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Added on 22.05.2015 17:01
Text: Anderson, D.R., Sweeney, D.J., Williams, T.A., Camm, J.D., & Cochrane, J.J. (2015). Essentials of statistics for
business and economics (7th ed.). Mason, OH: South-Western Cengage Learning

Gulf View Condominiums            No Gulf View Condominiums
List Price    Sale Price    Days to Sell    List Price    Sale Price    Days to Sell
926    895.4    20    130    122.7    345
625    601.9    216    162    160.2    169
600    559.8    196    197    185.2    189
322    314    72    242    237.2    145
743    729.6    251    195    183.9    91
610    575.8    158    182    180    66
640    593.3    79    285    265.6    81
417    402.4    259    262    253.9    65
281    279.9    272    184    171.5    100
449    439.1    96    279    278.7    326
331    307.5    243    201    192.4    183
603    577.7    249    216    207.1    102
187    173.7    239    212    206.5    345
473    464.5    55    237    234.6    290
666    625.4    69    257    242.6    350
407    402.1    198    245    244.3    386
480    445.4    134    178    173.7    188
271    270.2    40    162    159.4    71
897    884.4    205
828    793.2    23
584    549.5    263
996    928.3    229
373    365.2    62
974    948.7    74
581    554.3    101
295    291.2    96
733    732.3    98
161    150.9    189
738    712.9    203
529    499.9    140
827    812.1    19
229    215.9    175
385    379.2    209
452    438    247
848    807.3    109
445    419.2    27
224    212.4    113
571    529.3    275
326    302.2    218
456    447.8    25