Gulf View Real Estate

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Recommended: Analysis of outliers

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 discussed. Then a 95% interval estimate for the population mean sales price and the population mean number of days to sell will be calculated with an interpretation of the results found for both condominiums. Next we will consider margin of error of the mean selling price using a 95% confidence to determine how large the sample size should be for each. Finally an estimate of the final selling price (based off of the percent difference for the sale and list price) and number of days required to sell each of the units.

Based on the samples provide there is no outliers for either the Gulf View Condominiums nor the No Gulf View Condominiums. The method I used to determine the if there were outliers in this case was the z-score. “Z-scores are the a transformation of raw scores into standard form where the transformation is based on knowledge about the population’s mean and standard deviation” (www.forrest.psych.unc.edu, 2004, para. 2). When using the z-score to determine outliers the sample would have to be more than 3 standard deviations above or ...

... middle of paper ...

...a relator may be interested in knowing about the condominiums. Next the 95% confidence level was calculated and a interpretation of what the finding mean was provided. Then the sample size was determined based on the provided margin of error and a 95% confidence level. Finally, the estimated final selling price and days to sell for both Gulf View and No Gulf View Condominiums was show using linear regression.

References

Anderson, D.R., Sweeney, D.J., & Williams, T.A. (2012). Essentials of statistics for business and economics. (6th e.d. Revised). South-Western Cengage Learning www.forrest.psych.unc.edu. (2004). Z-Scores & T-Scores. Retrieved from www.forrest.

psych.unc.edu/research/vista-frames/help/lecturenotes/lecture04/z-scores.html

www.stat.yale.edu. (1998). Linear Regression. Retrieved from www.stat.yale.edu/courses

1997-98/101/linreg.htm

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