Main Body
Gulf Real Estate Properties
Q: 1- Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf view condominiums.
Solution:
Gulf View Condominiums
Q: 2- Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums.
Solution:
No Gulf View Condominiums
Q: 3- Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
Solution:
Comparisons: In (1) & (2) solutions, we can see that the differences exist between them and these are:
The mean List price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The mean sale price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The mean number of days to sell of Gulf view condominiums is less than that of Non Gulf view condominiums.
The median List price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The median sale price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The median number of days to sell of Gulf view condominiums is less than that of Non Gulf view condominiums.
The variation in the list price of Gulf view condominiums are more than that of Non Gulf view condominiums.
The variation in the sale price 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 less than that of Non Gulf view condominiums.
So, the statistical result that would help a real estate agent understand the condominium market is that the Golf view condominiums in higher demand than the Non Golf view condominiums as evidenced by their higher prices and shorter time to sell.
Q: 4- Develop a 95% confidence interval estimate of population mean sales price and population mean number of days to sell for Gulf view
Q: 1- Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf view condominiums.
Solution:
Gulf View Condominiums
Q: 2- Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums.
Solution:
No Gulf View Condominiums
Q: 3- Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
Solution:
Comparisons: In (1) & (2) solutions, we can see that the differences exist between them and these are:
The mean List price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The mean sale price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The mean number of days to sell of Gulf view condominiums is less than that of Non Gulf view condominiums.
The median List price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The median sale price of Gulf view condominiums is greater than that of Non Gulf view condominiums.
The median number of days to sell of Gulf view condominiums is less than that of Non Gulf view condominiums.
The variation in the list price of Gulf view condominiums are more than that of Non Gulf view condominiums.
The variation in the sale price 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 less than that of Non Gulf view condominiums.
So, the statistical result that would help a real estate agent understand the condominium market is that the Golf view condominiums in higher demand than the Non Golf view condominiums as evidenced by their higher prices and shorter time to sell.
Q: 4- Develop a 95% confidence interval estimate of population mean sales price and population mean number of days to sell for Gulf view