Case Study #3

Gulf Coast Real Estate Properties, Inc.

1.) Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums.

Gulf Real Estate Properties

Gulf View Condominiums
Descriptive
Statistic
Sample Size (Count)
Minimum
Maximum
Range
Mean
Median
Mode
Variance
Standard Deviation
95% Confidence Level

$
$
$
$
$
$
$
$
$

List
Price
40
169,900
975,000
805,100
474,008
437,000
975,000
38,923,356
197,290.03
63,096.41

$
$
$
$
$
$
$
$
$

Sales
Price
40
165,000
975,000
810,000
454,223
417,500
305,000
37,063,085
192,517.75
61,570.16

Days
to Sell
40
28
282
254
106
96
85
2,726.5128
52.2160
16.6995

2.) Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums.

Gulf Real Estate Properties

No Gulf View Condominiums
Descriptive
Statistic
Sample Size (Count)
Minimum
Maximum
Range
Mean
Median
Mode
Variance
Standard Deviation
95% Confidence Level

$
$
$
$
$
$
$
$
$

List
Price
18
148,000
322,000
174,000
212,806
212,500
279,000
2,395,641
48,945.28
24,339.92

$
$
$
$
$
$
$
$
$

Sales
Price
18
135,500
292,500
157,000
203,189
203,500
179,000
1,926,483
43,891.72
21,826.84

Days
to Sell
18
48
338
290
135
126
#N/A
5,821.6471
76.2997
37.9430

3.) Develop a 95% confidence interval estimate of the population means sales price and population mean number of days
to sell for Gulf View Condominiums. Interpret your results.
Based on the calculations of the 95% confidence interval in the previous tables, we can calculate the interval estimate
of the population means sales price as:
Confidence interval estimate = Mean Price (Gulf View) 95% confidence level calculation
= $454,222.50 $61,570.16
= ($392,652.34, $515,792.66)
We can expect that the population mean sales price, with a 95% confidence, is within the range of $392,652.34 - $515,792.66.

Based on the calculations of the 95% confidence interval in the previous tables, we can calculate the interval estimate
of the population mean number of days as:
Confidence interval estimate = Mean Days to Sell (Gulf View) 95% confidence level calculation
= 106 16.70
= (89.30 days, 122.70 days)
We can expect that the population mean number of days to sell Gulf View condominiums is within the range of 89.3 - 122.7 days.