Gulf Real Estate Properties
“The purpose of an interval estimate is to provide information about how close the point estimate, provided by the sample, is to the value of the population parameter” (p. 306). The sample data is provided by Multiple Listing Service, which provides data for 40 Gulf View condominiums and 18 No Gulf view Condominiums. This sample data will be used to provide the appropriate descriptive statistics to summarize each of the three variables and determine outliers for both Gulf view Condominiums and No Gulf View Condominiums. Once this information is provided specific statistical results that would help a real estate agent understand the condominium market will be ...view middle of the document...
The mean list price and sales price for the gulf view condominiums is greater than that of the No Gulf view condominiums. The higher mean list and sales price also coincides with the average amount of days it takes to sell the condos because based on the difference in mean the Gulf View condominiums sell in 23 less days. Along with this information a relator may want to know the minimum, maximum, and range of the condominiums to gain a better understanding of how much the properties may vary within the same view. The Quartiles would also be helpful in providing them expectation for how much data falls into the particular quartiles to gauge how often they will be in the lower and higher end of the list and selling price.
To interpret the data based on the population mean sales price this data shows that we are 95% confident that the mean selling price for the population of Gulf View Condominiums is between $500,050 and $651,650. Whereas, No Gulf View Condominiums, we are 95% confident that the mean selling price for the population is between $190,460 and $234,560.
Similarly, interpreting the days to sell the condos, we are 95% confident that the mean days to sell for the population of Gulf view condominiums is between 133 and 182 days. As for No Gulf View, we are 95% confident that the mean days to sell for the population is 129 to 230 days.
“Linear regression attempts to model the relationship between two variables by fitting a
linear equation to observed data. On e variable is considered an explanatory...