1.

      Use appropriate descriptive statistics to summarize each of

Gulf View Condominiums

List Sale Days to
Price Price Sell
1 495 475 130
379 350 71
529 519 85
552.5 534.5 95 list price
334.9 334.9 119
550 505 92 Mean
169.9 165 197 Standard Error
210 210 56 Median
975 945 73 Mode
314 314 126 Standard Deviation
315 305 88 Sample Variance
885 800 282 Kurtosis
975 975 100 Skewness
469 445 56 Range
329 305 49 Minimum
365 330 48 Maximum
332 312 88 Sum
520 495 161 Count
425 405 149
675 669 142
409 400 28 sale price
649 649 29
319 305 140 Mean
425 410 85 Standard Error
359 340 107 Median
469 449 72 Mode
895 875 129 Standard Deviation
439 430 160 Sample Variance
435 400 206 Kurtosis
235 227 91 Skewness
638 618 100 Range
629 600 97 Minimum
329 309 114 Maximum
595 555 45 Sum
339 315 150 Count
215 200 48
395 375 135 days to sell
449 425 53
499 465 86 Mean
439 428.5 158 Standard Error
Median
Mode
Standard Deviation
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
cs to summarize each of the three variables for the 40 Gulf View condominiums.

list price

473.4692
31.9999
435
975
199.8393
39935.76
0.927667
1.092105
805.1
169.9
975
18465.3
39

sale price

453.6897
31.22572
410
305
195.0046
38026.78
1.09735
1.155106
810
165
975
17693.9
39
days to sell

105.3846
8.446994
95
85
52.75146
2782.717
2.013884
1.108391
254
28
282
4110
39
 2.      Use appropriate descriptive statistics to summarize each of th

No Gulf View
List Condominiums
Sale Days to
Price Price Sell
217 217 182 list price
148 135.5 338
186.5 179 122 Mean
239 230 150 Standard Error
279 267.5 169 Median
215 214 58 Mode
279 259 110 Standard Deviation
179.9 176.5 130 Sample Variance
149.9 144.9 149 Kurtosis
235 230 114 Skewness
199.8 192 120 Range
210 195 61 Minimum
226 212 146 Maximum
149.9 146.5 137 Sum
160 160 281 Count
322 292.5 63
187.5 179 48
247 227 52 sale price

Mean
Standard Error
Median
Mode
Standard Deviation
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count

days to sell
Mean
Standard Error
Median
Mode
Standard Deviation
Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum
Sum
Count
to summarize each of the three variables for the 18 NO Gulf View condominiums.

list price

212.5588
12.23352
210
279
50.4401
2544.204
-0.245792
0.548579
174
148
322
3613.5
17

sale price

202.3765
10.93904
195
179
45.10283
2034.266
-0.559708
0.359272
157
135.5
292.5
3440.4
17

days to sell
132.2353
18.84818
122
#N/A
77.71304
6039.316
2.474568
1.483614
290
48
338
2248
17
 3.      Compare your summary results. Discuss any specific statistic

LIST PRICE COMPARISION

Parameter GULF NO GULF
Mean 473.4692 212.5588
Standard Error 31.9999 12.23352
Median 435 210
Mode 975 279
Standard Deviation 199.8393 50.4401
Sample Variance 39935.76 2544.204
Kurtosis 0.927667 -0.245792
Skewness 1.092105 0.548579
Range 805.1 174 500
Minimum 169.9 148 450
Maximum 975 322 400
Sum 18465.3 3613.5
350
Count 39 17
300
250
SALE PRICE COMPARISION 200
Parameter GULF NO GULF
150
Mean 453.6897 202.3765
100
Standard Error 31.22572 10.93904
Median 410 195 50
Mode 305 179 0
Standard Deviation 195.0046 45.10283 1
Sample Variance 38026.78 2034.266
Kurtosis 1.09735 -0.559708
Skewness 1.155106 0.359272
Range 810 157
Minimum 165 135.5
Maximum 975 292.5
250
Sum 17693.9 3440.4
Count 39 17
200

150
DAYS TO SELL COMPARISION
Parameter GULF NO GULF
Mean 105.3846 132.2353 100
Standard Error 8.446994 18.84818
50

0
 100

Median 95 122 50
Mode 85 #N/A
Standard Deviation 52.75146 77.71304
0
Sample Variance 2782.717 6039.316 1
Kurtosis 2.013884 2.474568
Skewness 1.108391 1.483614
Range 254 290
Minimum 28 48
Maximum 282 338
Sum 4110 2248
Count 39 17
ss any specific statistical results that would help a real estate agent understand the condominium market.

0
0
0
0
0
Mean
0
Mean
0 Mean
0
0
0
0
1 2

0
Standard Deviation
Standard Deviation
0 Standard Deviation

0
 Standard Deviation
Standard Deviation
0 Standard Deviation

0
1 2
 4.     Develop a 95% confidence interval estimate of the population mean sales price and population

SALE PRICE AT 95% CONFIDENCE INTERVAL DAYS TO SELL AT 95% CONFIDEN

X X-X (X-X)^2 X
sale price 475 21.3103 454.1289 130
Mean 453.6897 350 -103.6897 10751.55 71
519 65.3103 4265.435 85
534.5 80.8103 6530.305 95
days to sell 334.9 -118.7897 14110.99 119
Mean 105.3846 505 51.3103 2632.747 92
165 -288.6897 83341.74 197
210 -243.6897 59384.67 56
945 491.3103 241385.8 73
314 -139.6897 19513.21 126
305 -148.6897 22108.63 88
800 346.3103 119930.8 282
975 521.3103 271764.4 100
445 -8.6897 75.51089 56
305 -148.6897 22108.63 49
330 -123.6897 15299.14 48
312 -141.6897 20075.97 88
495 41.3103 1706.541 161
405 -48.6897 2370.687 149
669 215.3103 46358.53 142
400 -53.6897 2882.584 28
649 195.3103 38146.11 29
305 -148.6897 22108.63 140
410 -43.6897 1908.79 85
340 -113.6897 12925.35 107
449 -4.6897 21.99329 72
875 421.3103 177502.4 129
430 -23.6897 561.2019 160
400 -53.6897 2882.584 206
227 -226.6897 51388.22 91
618 164.3103 26997.87 100
600 146.3103 21406.7 97
309 -144.6897 20935.11 114
555 101.3103 10263.78 45
315 -138.6897 19234.83 150
200 -253.6897 64358.46 48
375 -78.6897 6192.069 135
 425 -28.6897 823.0989 53
465 11.3103 127.9229 86
428.5 -25.1897 634.521 158
∑ 1445472
σn 192.5185

Lower limit = M - Z.95σn 76.35346 Lower limit = M - Z.95

Upper limit = M + Z.95σn 831.026 Upper limit = M + Z.9
ales price and population mean number of days to sell for Gulf View condominiums. Interpret your results

TO SELL AT 95% CONFIDENCE INTERVAL

X-X (X-X)^2
24.6154 605.9179
-34.3846 1182.301
-20.3846 415.5319
-10.3846 107.8399
13.6154 185.3791
-13.3846 179.1475
91.6154 8393.382
-49.3846 2438.839
-32.3846 1048.762
20.6154 424.9947
-17.3846 302.2243
176.6154 31193
-5.3846 28.99392
-49.3846 2438.839
-56.3846 3179.223
-57.3846 3292.992
-17.3846 302.2243
55.6154 3093.073
43.6154 1902.303
36.6154 1340.688
-77.3846 5988.376
-76.3846 5834.607
34.6154 1198.226
-20.3846 415.5319
1.6154 2.609517
-33.3846 1114.532
23.6154 557.6871
54.6154 2982.842
100.6154 10123.46
-14.3846 206.9167
-5.3846 28.99392
-8.3846 70.30152
8.6154 74.22512
-60.3846 3646.3
44.6154 1990.534
-57.3846 3292.992
29.6154 877.0719
 -52.3846 2744.146
-19.3846 375.7627
52.6154 2768.38
∑ 106349.1
σn 52.21974

Lower limit = M - Z.95σn 3.033925

Upper limit = M + Z.95σn 207.7353
 5.     Develop a 95% confidence interval estimate of the population mean sales price and po

SALE PRICE AT 95% CONFIDENCE INTERVAL DAYS TO SELL AT 95%

X X-X (X-X)^2
sale price 217 14.6235 213.8468
Mean 202.3765 135.5 -66.8765 4472.466
179 -23.3765 546.4608
230 27.6235 763.0578
days to sell 267.5 65.1235 4241.07
Mean 132.2353 214 11.6235 135.1058
259 56.6235 3206.221
176.5 -25.8765 669.5933
144.9 -57.4765 3303.548
230 27.6235 763.0578
192 -10.3765 107.6718
195 -7.3765 54.41275
212 9.6235 92.61175
146.5 -55.8765 3122.183
160 -42.3765 1795.768
292.5 90.1235 8122.245
179 -23.3765 546.4608
227 24.6235 606.3168
∑ 32762.1
σn 43.89968

Lower limit = M - Z.95σn 116.3331 Lower limit = M - Z.95

Upper limit = M + Z.95σn 288.4198 Upper limit = M + Z.95
n mean sales price and population mean number of days to sell for No Gulf View condominiums. Interpret your results

DAYS TO SELL AT 95% CONFIDENCE INTERVAL

X X-X (X-X)^2
182 49.7647 2476.525
338 205.7647 42339.11
122 -10.2353 104.7614
150 17.7647 315.5846
169 36.7647 1351.643
58 -74.2353 5510.88
110 -22.2353 494.4086
130 -2.2353 4.996566
149 16.7647 281.0552
114 -18.2353 332.5262
120 -12.2353 149.7026
61 -71.2353 5074.468
146 13.7647 189.467
137 4.7647 22.70237
281 148.7647 22130.94
63 -69.2353 4793.527
48 -84.2353 7095.586
52 -80.2353 6437.703
∑ 99105.58
σn 76.35274

Lower limit = M - Z.95σn -17.41607

Upper limit = M + Z.95σn 281.8867
et your results
 6. Assume the branch manager requested estimates of the mean selling price of Gulf View
and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95%

MARGIN OF ERROR = Critical value x Standard error

standard error=standard deviation/sqrt(n)
SQRT(n)=(M/Z*S.E)
α = 1 - (confidence level / 100) = 1 - 0.95 = 0.05
the critical probability (p*): p* = 1 - α/2 = 1 - 0.05/2 = 0.975
Z=1.96

M=40
Standard 195.0046
Deviation
SQRT(n) 9.55522336034306
n 91.302293

The sample size needs to be increased by 91 samples for the margin of error of 4000

MARGIN OF ERROR = Critical value x Standard error

standard error=standard deviation/sqrt(n)
SQRT(n)=(M/Z*S.E)
α = 1 - (confidence level / 100) = 1 - 0.95 = 0.05
the critical probability (p*): p* = 1 - α/2 = 1 - 0.05/2 = 0.975
Z=1.96

M=15
Standard
Deviation 45.10283
SQRT(n) 5.89343701501379
n 34.7326

The sample size needs to be increased by 35 samples for the margin of error of 150
selling price of Gulf View condominiums with a margin of error of $40,000
or of $15,000. Using 95% confidence, how large should the sample sizes be?

e margin of error of 40000

e margin of error of 15000

 7. Gulf Real Estate Properties just signed contracts for two new listings: a Gul
and a No Gulf View condominium with a list price of $285,000. What is your estimate of the fina

Correlation between list price and sale price in gulf view 0.997115
correlation between list price and days to sell in gulf view 0.128779

Gulf View Condominiums

List Sale Days to
Price Price Sell
Sale Days to
List
495 475 130 Price Sell
Price
estimate estimate
379 350 71 589 587.3005 75.85088
529 519 85
552.5 534.5 95
334.9 334.9 119
550 505 92
169.9 165 197
210 210 56
975 945 73
314 314 126
315 305 88
885 800 282
975 975 100
469 445 56
329 305 49
365 330 48
332 312 88
520 495 161
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
r two new listings: a Gulf View condominium with a list price of $589,000
your estimate of the final selling price and number of days required to sell each of these units?

Correlation between list price and sale price in no gulf view 0.991438
correlation between list price and days to sell in no gulf view -0.453089

No Gulf View
List Condominiums
Sale Days to
Price Price Sell
Sale Days to
List
217 217 182 Price Sell
Price
estimate estimate
148 135.5 338 285 282.5597 129.1303
186.5 179 122
239 230 150
279 267.5 169
215 214 58
279 259 110
179.9 176.5 130
149.9 144.9 149
235 230 114
199.8 192 120
210 195 61
226 212 146
149.9 146.5 137
160 160 281
322 292.5 63
187.5 179 48
247 227 52