Gulf Real Estate Properties Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The company, which advertises itself as “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and 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 recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. Prices are in thousands of dollars. The data are shown in the following table. Gulf View Condominiums No Gulf View Condominiums List Price Sale price Days to Sell List Price Sale Price Days to Sell 495 475 130 217 217 182 379 350 71 148 135.5 338 529 519 85 186.5 179 122 552.5 534.5 95 239 230 150 552.5 534.5 95 239 230 150 334.9 334.9 119 279 267.5 169 550 505 92 215 214 58 169.9 165 197 279 259 110 210 210 56 179.9 176.5 130 975 945 73 149.9 144.9 149 314 314 126 235 230 114 315 305 88 199.8 192 120 885 800 282 210 195 61 975 975 100 226 212 146 469 445 56 149.9 146.5 137 329 305 49 160 160 281 365 330 48 322 292.5 63 332 312 88 187.5 179 48 520 495 161 247 227 52 425 405 149 675 669 142 409 400 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 Managerial Report Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 40 Gulf View 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 determine if there were or not. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 18 No Gulf View 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 determine if there were or not. Compare your summary results from parts (1) and (2). Discuss any specific statistical results that would help a real estate agent understand the condominium Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View 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 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? 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?

Gulf Real Estate Properties Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The company, which advertises itself as “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and 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 recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. Prices are in thousands of dollars. The data are shown in the following table. Gulf View Condominiums No Gulf View Condominiums List Price Sale price Days to Sell List Price Sale Price Days to Sell 495 475 130 217 217 182 379 350 71 148 135.5 338 529 519 85 186.5 179 122 552.5 534.5 95 239 230 150 552.5 534.5 95 239 230 150 334.9 334.9 119 279 267.5 169 550 505 92 215 214 58 169.9 165 197 279 259 110 210 210 56 179.9 176.5 130 975 945 73 149.9 144.9 149 314 314 126 235 230 114 315 305 88 199.8 192 120 885 800 282 210 195 61 975 975 100 226 212 146 469 445 56 149.9 146.5 137 329 305 49 160 160 281 365 330 48 322 292.5 63 332 312 88 187.5 179 48 520 495 161 247 227 52 425 405 149 675 669 142 409 400 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 Managerial Report Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 40 Gulf View 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 determine if there were or not. Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 18 No Gulf View 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 determine if there were or not. Compare your summary results from parts (1) and (2). Discuss any specific statistical results that would help a real estate agent understand the condominium Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View 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 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? 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?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.6: Summarizing Categorical Data

Problem 28PPS

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Gulf Real Estate Properties

Gulf Real Estate Properties, Inc., is a real estate firm located in southwest Florida. The company, which advertises itself as “expert in the real estate market,” monitors condominium sales by collecting data on location, list price, sale price, and 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 recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums. Prices are in thousands of dollars. The data are shown in the following table.

Gulf View Condominiums	No Gulf View Condominiums
List Price	Sale price	Days to Sell	List Price	Sale Price	Days to Sell
495	475	130	217	217	182
379	350	71	148	135.5	338
529	519	85	186.5	179	122
552.5	534.5	95	239	230	150
552.5	534.5	95	239	230	150
334.9	334.9	119	279	267.5	169
550	505	92	215	214	58
169.9	165	197	279	259	110
210	210	56	179.9	176.5	130
975	945	73	149.9	144.9	149
314	314	126	235	230	114
315	305	88	199.8	192	120
885	800	282	210	195	61
975	975	100	226	212	146
469	445	56	149.9	146.5	137
329	305	49	160	160	281
365	330	48	322	292.5	63
332	312	88	187.5	179	48
520	495	161	247	227	52
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

Managerial Report

Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 40 Gulf View 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 determine if there were or not.
Use appropriate descriptive statistics (5-number summary, mean, mode, range, and standard deviation) and charts to summarize each of the three variables for the 18 No Gulf View 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 determine if there were or not.
Compare your summary results from parts (1) and (2). Discuss any specific statistical results that would help a real estate agent understand the condominium
Develop a 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View 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 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?
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?

Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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