Arithmetic Mean and Gulf View

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Gulf Real Estate Properties

Gulf Real Estate Properties, Inc., is a real estate firm located in southwest 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 course, 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. Those analyses are below:

Descriptive Statistics for Gulf View

Gulf View List Price| Gulf View Sales Price| Gulf View Days to Sell| Mean| 474.0075| Mean| 454.2225| Mean| 106|
Median| 437| Median| 417.5| Median| 96|
Maximum| 975| Maximum| 975| Maximum| 282|
Minimum | 169.9| Minimum | 165| Minimum | 28|
Standard Deviation | 197.29003| Standard Deviation | 192.5177534| Standard Deviation | 58.2168207| Based on the chart, the mean was calculated by adding up the sum of the list and divide 40, which the number of the total listed prices. The mean is 474,007.5, which mean the average of the listed price. Secondly, the median was calculated by listing the number in numerical order from lowest to highest and located the number in the middle 437,000. The median represents the middle number of the listed price. After calculating the median I located the minimum and maximum based the lowest and highest data, which are 169,900 and 975,000. These represent the range of the listed price. Lastly, I used the formula to get the standard deviation of 197,290.03, which measures the variability. To calculate the mean I added up the sum sale price and divide 40, which the number of the total sale prices. The mean is 454,222.5, which mean the average of the listed price. The median was calculated by listing the numbers in numerical order from lowest to highest and located the two numbers in the middle and divided those two numbers by two and got 417,500. The median represents the middle number of the sale price. After calculating the median I located the minimum and maximum based the lowest and highest data, which are 165,000 and 975,000. These represent the range of the sale price. Lastly, I used the formula to get the standard deviation of 192,517.75, which measures the variability. To calculate the mean I added up the sum of days to sell and divided by 40. The mean is 106,000, which mean the average of the listed price. The median was calculated by listing the numbers in numerical order from lowest to highest and located the number in the middle of 96,000. The median represents the middle number of the days that it took to sell the condominiums. After calculating the median I located the minimum and maximum based the lowest and highest data, which are 28,000 and 282,000. These represent the range of the sale price. Lastly, I used the formula to get the standard deviation of 58,216.82, which measures the variability.

Descriptive Statistics for Non Gulf View

Non Gulf View List Price| Non Gulf View Sale Price| Non Gulf View Days to Sell| Mean| 212.805556| Mean| 203.188889| Mean| 135|
Median| 212.5| Median| 203.5| Median| 126|
Minimum| 148| Minimum| 135.5| Maximum| 338|
Maximum| 322| Maximum| 292.5| Minimum | 48|
Standard Deviation | 48.9452812| Standard Deviation | 43.8917236| Standard Deviation | 76.2997186| I added up the sum sale price and divide 18, which the number of the total sale prices. The mean is 212,805.56, which mean the average of the list price. The median was calculated by listing the numbers in numerical order from lowest to highest and located the two numbers in the middle and divided those two numbers by two and got 212,500. The median...
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