Gulf Real Estate Properties Managerial Report

is a real estate firm located in southwest
Florida. The company, which advertises itself as an “expert in the real estate
market,” monitors condominium sales by collecting data on location, list price,
sale price, and the 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 sales data for 40 Gulf View condominiums and 18 No Gulf View
condominiums. The complete data set is in the file named Real Estate, linked
at the bottom of the page.

Managerial
Report
Prepare a report (see below) that summarizes your assessment of the nature of
the housing market in southwest Florida. Be sure to include the
following seven (7) items in your report.

Descriptive statistics (mean,
median, range, and standard deviation) to summarize each of the three
variables for the 40 Gulf View condominiums. Are there any outliers in the
data set for any of the three variables? If there are any outliers in any
category, please list them and state for which category they are an
outlier. Describe which method you used to make your determination.
Descriptive statistics (mean,
median, range, and standard deviation) to summarize each of the three
variables for the 18 No Gulf View condominiums. Are there any outliers in
the data set for any of the three variables? If there are any outliers in
any category, please list them and state for which category they are an
outlier. Describe which method you used to make your determination.
Compare your summary results
from #1 and #2. Discuss any specific statistical results that would help a
real estate agent understand the condominium market.
Develop a 95% confidence
interval estimate of the population mean sales price and population mean
number of days to sell for Gulf View condominiums. Interpret your results.
Develop a 95% confidence
interval estimate of the population mean sales price and population mean
number of days to sell for No Gulf View condominiums. Interpret your
results.
Assume the branch manager requested
estimates of the mean selling price of Gulf View condominiums with a
margin of error of $40,000 and the mean selling price of No Gulf View
condominiums with a margin of error of $15,000. Using 95% confidence, how
large should the sample sizes be for each?
Gulf Real Estate Properties
just signed contracts for two new listings: a Gulf View condominium with a
list price of $589,000 and a No Gulf View condominium with a list price of
$285,000. What is your estimate of the final selling price (based on the
percent difference for the sale and list price) and number of days
required to sell each of these units?

SEE attachments for more detail and data. I have calculated mean, median, range and standard deviation on data.