Data Set 2: Gulf Properties

Gulf Real Estate Prosperities, Inc. is a real estate firm located in South Florida. The company advertises itself as "expert in the real estate market," and monitors condominium sales by collecting data on location, list price, sale price, and the number of days it takes to sell each unit. Each Gulf view condominium is classified as Gulf view if it is located directly on the Gulf of Mexico. Sample data from the Multiple Listing Services in Florida provided sales for 40 Gulf view condominiums.

Description of Variables

List Price: the list price of a condominium in thousands of dollars

Sale Price: the sale price of a condominium in thousands of dollars

Days to Sell: the number of days it takes to sell each unit.

Exercise 2. Use the Excel file Lab #3 (Exercise 2) to complete the following tasks.

A. Use descriptive statistics to summarize the data. Discuss any statistical results that would help a real estate agent understand the condominium market.

B. Develop 95% confidence interval estimate of the population mean sale price and the population mean number of days to sell Gulf View Condominiums. Interpret the results in the context of the problem.

C. Gulf view Real estate properties just sign a contract for a new listing with a list price of $589,000. What is your estimate of the final selling price and the number of days require to sell this unit?