Gulf Real Estate

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  • Topic: Standard deviation, Arithmetic mean, Mean
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  • Published : December 10, 2011
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Gulf Real Estate Properties
Tam Vo
MATH410
Aug 14, 2011

Introduction
Gulf Real Estate Properties, Inc., a company that specialized in condominium sales in southwest Florida, provided a sample date set on two types of condominium: 40 of Gulf View; those located directly on the Gulf of Mexico, and 18 of No Gulf View; those located near but not on the Gulf. In order to provide in depth statistically analysis, this paper will summarize descriptive statistics from the company's sample data, and discuss its results. The paper also calculates confidence interval estimates of the population mean sales prices and days to sell, estimate margin of errors, and determine the sample size based on given values.

Data Analysis
Descriptive Statistics for 40 condominiums Gulf View:
| List Price ($1000s)| Sale Price ($1000s)| Days to Sell| Mean| 474.0075| 454.2225| 106|
Median| 437| 417.5| 96|
Mode| 975| 305| 85|
Standard Deviation| 197.2900291| 192.5177534| 52.21602073| Min | 169.9| 165| 28|
Max| 975| 975| 282|
Range| 805.1| 810| 254|
Skewness| 1.095814639| 1.159387914| 1.077642123|

Descriptive Statistics for 18 condominiums No Gulf View:

| List Price ($1000s)| Sale Price ($1000s)| Days to Sell| Mean| 212.8055556| 203.1888889| 135|
Median| 212.5| 203.5| 126|
Mode| 279| 179| #N/A|
Standard Deviation| 48.94528124| 43.89172358| 76.2997186| Min | 148| 135.5| 48|
Max| 322| 292.5| 338|
Range| 174| 157| 290|
Skewness| 0.543955061| 0.30418061| 1.360546957|
| | | |

From the above descriptive statistics, we could see the average list price per condo at the Gulf View is 474.0075 (thousands), a double price to compare with the average list price of selling a condo at No Gulf View at 212.5. Although average sale price is slightly less than average list price for 20 per condo, we see a similarity of average sale price of condo at the Gulf is twice the price to...
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