Lake View Homes, a real estate company that specializes in residential real estate,is located inHavasu City, Arizona. Management wants to know if its marketing efforts should focus in selling lake view homes primarily and has asked you, the statistics expert, to provide relevant statistics to make an informed decision with its marketing dollars.
Lake View Homes No Lake View Homes List Price Sale Price Days to Sell List Price Sale Price Days to Sell S 675.00 S 669.00 142 S 217.00 S 217.00 182 S409.00 S 400.00 28 S 148.00 S 135.50 338 S649.00 S 649.00 29 S 186.50 S 179.00 122 S 319.00 S 305.00 140 S 239.00 S 230.00 150 S425.00 S 410.00 85 S 279.00 S 267.50 169 S 359.00 S 340.00 107 S 215.00 S 214.00 58 S469.00 S 449.00 72 S 279.00 S 259.00 110 S895.00 S 875.00 129 S 179.90 S 176.50 130 S439.00 S 430.00 160 S 149.90 S 144.90 149 S435.00 S 400.00 206 S 235.00 S 230.00 114 S235.00 S 227.00 91 S 199.80 S 192.00 120 S 638.00 S 618.00 100 S 210.00 S 195.00 61 S 629.00 S 600.00 97 S 226.00 S 212.00 146 S329.00 S 309.00 114 S 149.90 S 146.50 137 S595.00 S 555.00 45 S 160.00 S 160.00 281 S 339.00 S 315.00 150 S 322.00 S 292.50 63 S215.00 S 200.00 48 S 187.50 S 179.00 48 S 395.00 S 375.00 135 S 247.00 S 227.00 52 a. Calculate the mean, median, standard deviation, and the range for each of the variables: a. LV List The list price of a lake view home b. LV Sale The sale price of a lake view home c. LV Days The number of days to sell a lake View home d. NLV List The list price of a no lake view home e. NLV Sale The sale price of a no lake view home f. NLV Days The number of days to sell a lake view home b. Compare your results for the statistics in Question 1. Explain how the results would help a real estate agent understand the local market. c. Develop a 95% confidence interval estimate of the mean sales price and the mean number of days to sell a lake view home and a no lake view home. Interpret the results. d. Assume the company just signed contracts on two new listings: A lake view home with an asking price of selling price of $600,000 and no lake view home with an asking price of $300,000. What is your estimate of the final selling price and the number of days required to sell each of these homes? e. Based on your total analysis, provide management with your suggestions on how the company's marketing dollars should be spent. Should the company market primarily lake view homes? Explain
