Gulf Real Estate Properties, Inc., is a real estate firm located in southwestern Florida. The company, which advertises itself as “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 Assignment, near but not on the Gulf. Sample data from the Multiple Listing Service in Naples, Florida, provided recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums.* Prices are in thousands of dollars.
- Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums.
- Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums.
- Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
Answer
| 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 |
| 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 | | | | |
Descriptive Statistics on List Price Variable for Gulf View apartments
Price (Gulf view condominiums)
| Mean | 474.0075 |
| Median | 437 |
| Mode | 975 |
| Q1 | 334.175 |
| Q3 | 550.625 |
Descriptive Statistics on List Price Variable for No-Gulf View apartments
Price (no Gulf view condominiums)
| Mean | 212.8056 |
| Median | 212.5 |
| Mode | 279 |
| Q1 | 181.55 |
| Q3 | 238 |
Comparison of the list price of Gulf View Apartments vs Non-Gulf View Apartments
- The average list price in gulf view condominiums is higher than the average list price of no gulf condominiums.
- Median in gulf view is higher than the median in no gulf view condominiums.
- The highest occurrence value in gulf view is 975 and in no gulf is 279. This shows that value of highest occurrence in gulf view is more than in no gulf view.
- Quartiles which distributes the data in 4 parts. Q1 and Q3 in gulf view are 334.157 and 554.625 respectively which are higher than the values of Q1 and Q3 in no gulf view which are 181.55 and 298 respectively, Inter quartile range in gulf view is 220.468 and in no gulf view is 116.45, which means that gulf view has more spread.
Descriptive Statistics on Sales Price Variable for Gulf View apartments
SALES PRICE (GULF VIEW CONDOMINIUMS)
| Mean | 454.2225 |
| Mode | 305 |
| Median | 417.5 |
| Q1 | 314.75 |
| Q3 | 522.875 |
| Standard deviation | 192.511 |
| Confidence level | 95% |
| Upper bound | 513.8833 |
| Lower bound | 394.5617 |
Descriptive Statistics on Sales Price Variable for No Gulf View apartments
SALES PRICE (NO GULF VIEW CONDOMINIUNS)
| Mean | 203.1889 |
| Median | 203.5 |
| Mode | 179 |
| Q1 | 177.129 |
| Q3 | 229.25 |
| Standard deviation | 43.89 |
| Confidence level | 95% |
| Upper bound | 249.5265 |
| Lower bound | 208.97 |
Comparison of the list price of Gulf View Apartments vs No Gulf View Apartments
- Mean of sales price in gulf view is more than the mean of sales price in no gulf view.
- The highest occurrence value in gulf view is 305 and in no gulf is 179. This shows that value of highest occurrence in gulf view is more than in no gulf view.
- Quartiles which distributes the data in 4 parts. Q1 and Q3 in gulf view are 314.75 and 522.87 respectively which are higher than the values of Q1 and Q3 in no gulf view which are 177.125 and 229.25 respectively, Inter quartile range in gulf view is 208.12 and in no gulf view is 52.125, which means that gulf view has more spread.
- Confidence level in both views is same (95%).
- Upper bound and lower bound in gulf view are 513.88 and 394.56 respectively, this means 95% values lies between 513.88 and 394.56.
- Standard deviation in gulf view is higher than in no gulf view, that means gulf view data has more dispersion than non-gulf view.
Descriptive Statistics on Days to Sell Variable for Gulf View apartments
DAYS TO SELL (GULF VIEW CONDOMINIUMS)
| Mean | 106 |
| Median | 96 |
| Mode | 48 |
| Standard deviation | 52.216 |
| Q1 | 71.75 |
| Q3 | 136.35 |
| Confidence level | 95% |
| Upper bound | 121.181 |
| Lower bound | 89.818 |
Descriptive Statistics on Days to Sell Variable for No Gulf View apartments
DAYS TO SELL (NO GULF VIEW CONDOMINIUMS)
| Mean | 135 |
| Median | 126 |
| Mode | |
| Standard deviation | 76.3 |
| Q1 | 74.75 |
| Q3 | 149.8 |
| Confidence level | 95% |
| Upper bound | 170.2 |
| Lower bound | 99.75 |
Comparison of the list price of Gulf View Apartments vs Non-Gulf View Apartments
- Mean of Days to sell in gulf view is more than the mean of Days to sell in no gulf view.
- The highest occurrence value in gulf view is 48 and in no-gulf has no any value. This shows that value of highest occurrence in gulf view is more than in no gulf view.
- Quartiles which distributes the data in 4 parts. Q1 and Q3 in gulf view are 71.75 and 136.25 respectively which are higher than the values of Q1 and Q3 in no gulf view which are 74.75 and 149.75 respectively, Inter quartile range in gulf view is 64.5 and in no gulf view is 75, which means that no gulf view has more spread.
- Confidence level in both views is same (95%).
- Upper bound and lower bound in gulf view are 122.181 and 89.818 respectively, this means 95% values lies between 122.181 and 89.818.
- Standard deviation in no gulf view is higher than in gulf view, that means no gulf view data has more dispersion than non gulf view.
We have calculated above descriptive statistics for the given data using Microsoft-Excel. To know more about how to use programs like Excel, SPSS, STATA or others for exploratory data analysis, get in touch with online statistics tutors at assignmenthelp.net.
