Respond to Quantitative Business Analysis Questions

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Business Finance

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gulf real_estate.xlsx

Gulf Real Estate Properties, Inc. 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 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.

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.

  1. Use appropriate descriptive statistics (5-number summary, mean, mode, 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 determine if there were or not.
  2. Use appropriate descriptive statistics (5-number summary, mean, mode, 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 determine if there were or not.
  3. Compare your summary results from #1 and #2. Discuss any specific statistical results that would help a real estate agent understand the condominium market.
  4. 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.
  5. 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.
  6. 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?
  7. 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?

Be sure that your report contains the following:

  • A title page
  • An introduction
  • A body of the paper that answers the questions posed in the problem and calculations and graphs associated with this problem. 
  • A conclusion paragraph that addresses your findings and what you have determined from the data and your analysis. 

Be sure to submit Excel.


Unformatted Attachment Preview

Gulf View Condominiums List Price Sale Price Days to Sell 916 847,3 51 597 552,8 96 487 476,3 228 547 536,6 188 309 286,1 98 198 186,9 155 545 533 296 365 348,2 221 596 586,5 166 319 307,2 104 512 506,4 146 489 452,3 228 544 529,9 242 434 407,5 48 564 526,2 41 830 824,2 162 681 636,7 148 334 323 120 991 966,2 31 424 414,2 271 508 488,2 93 261 245,3 184 659 656,4 218 814 796,9 279 621 581,3 162 728 714,9 198 478 444,5 30 764 712,8 21 854 833,5 283 543 517,5 38 636 619,5 69 374 362,4 203 918 858,3 97 234 220,9 222 357 337,7 230 475 468,8 299 242 231,8 134 273 258,8 51 519 480,1 23 732 700,5 288 No Gulf View Condominiums List Price Sale Price Days to Sell 204 193,4 76 170 160,3 249 223 211,4 172 153 152,2 263 229 221,7 99 148 147,3 38 234 228,4 85 192 189,1 185 177 174,7 389 178 176 274 186 177,3 116 280 273 399 260 252,5 193 203 191,8 90 242 225,5 190 204 202 388 272 260,6 247 261 255 319 Gulf View Condominiums List Price Sale Price Days to Sell 916 847.3 51 597 552.8 96 487 476.3 228 547 536.6 188 309 286.1 98 198 186.9 155 545 533 296 365 348.2 221 596 586.5 166 319 307.2 104 512 506.4 146 489 452.3 228 544 529.9 242 434 407.5 48 564 526.2 41 830 824.2 162 681 636.7 148 334 323 120 991 966.2 31 424 414.2 271 508 488.2 93 261 245.3 184 659 656.4 218 814 796.9 279 621 581.3 162 728 714.9 198 478 444.5 30 764 712.8 21 854 833.5 283 543 517.5 38 636 619.5 69 374 362.4 203 918 858.3 97 234 220.9 222 357 337.7 230 475 468.8 299 242 231.8 134 273 258.8 51 519 480.1 23 732 700.5 288 No Gulf View Condominiums List Price Sale Price Days to Sell 204 193.4 76 170 160.3 249 223 211.4 172 153 152.2 263 229 221.7 99 148 147.3 38 234 228.4 85 192 189.1 185 177 174.7 389 178 176 274 186 177.3 116 280 273 399 260 252.5 193 203 191.8 90 242 225.5 190 204 202 388 272 260.6 247 261 255 319
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