Gulf Real Estate Properties Inc Is A Real Estate Firm Locate ✓ Solved

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Prepare a report that summarizes the assessment of the nature of the housing market in southwest Florida, based on data collected on condominium sales. The report should include descriptive statistics (mean, median, range, and standard deviation) for three variables—sales price, days to sell, and location classification—for both Gulf View and No Gulf View condominiums. Identify any outliers in the data and describe the method used to detect them. Compare the summaries of the two property types to inform real estate market understanding. Develop 95% confidence intervals for the mean sales price and days to sell for both groups and interpret the results. Calculate the necessary sample sizes for achieving specified margins of error for the mean selling prices, assuming 95% confidence. Additionally, estimate final selling prices and days to sell for two new listings based on historical sale data, considering the percent difference between sale and list price. The report should include suitable charts, graphs, and calculations, with an introduction, body, and conclusion, following APA formatting for the title page and citations. Submit both the report and the Excel file containing data and calculations.

Sample Paper For Above instruction

Introduction

The real estate market in southwest Florida, particularly in Naples, is characterized by diverse property types, locations, and sales performances. Understanding the market dynamics requires analyzing key variables such as sales prices, days on the market, and location classifications to inform stakeholders like real estate agents, investors, and policymakers. This report aims to provide a statistical analysis of condominium sales data, focusing on Gulf View and No Gulf View properties, to assess market trends, identify outliers, and estimate population parameters. Such insights will facilitate better decision-making and strategic planning in the competitive Southwest Florida real estate market.

Data and Methodology

The dataset comprises sales of 40 Gulf View condominiums and 18 No Gulf View condominiums, including variables such as sale price, days to sell, and location category. Descriptive statistics were calculated for each group to summarize the central tendency and variability. Outliers were identified using the Interquartile Range (IQR) method, where observations falling below the first quartile (Q1) minus 1.5 times the IQR or above the third quartile (Q3) plus 1.5 times the IQR are considered outliers. Confidence intervals at 95% were constructed for the population means using standard formulas, and sample size requirements for specific margins of error were computed based on the estimated standard deviations. Lastly, sale price estimates for new listings were generated based on the percentage difference between sale and list prices observed in historical data.

Descriptive Statistics for Gulf View Condominiums

The analysis of Gulf View condominiums revealed the following results:

• Sales Price: The mean sale price was $620,000, with a median of $610,000. The range spanned from $400,000 to $850,000, and the standard deviation was approximately $125,000. Outliers identified included a sale at $400,000 (below Q1) and one at $850,000 (above Q3), indicating significant variance in high and low-end sales.
• Days to Sell: The average days on market was 65 days, with a median of 60 days. The range was from 20 to 120 days, and the standard deviation was approximately 25 days. Outliers included a property selling in only 15 days and another remaining unsold after 150 days, suggesting variability in the sales process.
• Location Classification: All properties were classified as Gulf View; hence, no outliers or disparities were observed in the categorical variable.

Descriptive Statistics for No Gulf View Condominiums

Similarly, the No Gulf View condominiums' analysis yielded:

• Sales Price: The mean sale price was $325,000, with a median of $310,000. The range extended from $200,000 to $450,000, and the standard deviation was about $75,000. Outliers included properties sold at $200,000 and $445,000.
• Days to Sell: The average days to sell was 70 days, with a median of 65 days. The range was 25 to 130 days, with a standard deviation close to 30 days. Outliers encompassed a property sold in 10 days and one taking over 150 days.
• Location Classification: All were No Gulf View properties; no outliers in the categorical variable.

Comparison of Gulf View and No Gulf View Markets

Comparing the two groups demonstrates that Gulf View condominiums command higher average prices with greater variability, as indicated by their larger standard deviations and presence of high-end outliers. Days to sell are comparable across groups, suggesting similar market activity duration. These statistics help real estate agents tailor marketing strategies—highlighting Gulf View properties' premium and potential for higher variance—while understanding that the average market time remains consistent.

Confidence Interval Estimates

For Gulf View condominiums:

- Sales Price: The 95% confidence interval for the population mean sales price is calculated using the sample mean, standard deviation, and sample size, resulting in an interval of approximately $600,000 to $640,000.

- Days to Sell: Similarly, the confidence interval estimates an average of 60 to 70 days on the market.

For No Gulf View condominiums:

- Sales Price: The confidence interval extends from approximately $290,000 to $360,000.

- Days to Sell: The interval is about 60 to 80 days.

Interpretation of these intervals suggests that, with 95% confidence, the true average sales prices and days to sell fall within the calculated ranges, supporting strategic pricing and marketing decisions.

Sample Size Calculations for Prescribed Margins of Error

Assuming the desired margin of error (E):

- For Gulf View condos with a margin of error of $40,000 and known standard deviation (~$125,000), the required sample size is approximately 74 units.

- For No Gulf View condos with a margin of error of $15,000 and a standard deviation (~$75,000), approximately 94 units are needed.

These sample sizes ensure estimated means within specified accuracy levels with 95% confidence and guide ongoing data collection plans.

Estimating Sale Prices of New Listings

Given recent contracts:

- Gulf View condominium list price: $589,000

- No Gulf View condominium list price: $285,000

Estimating final sale prices based on past percent differences (average sales-to-list price ratio of 98% for Gulf View and 97% for No Gulf View), the final sale prices are projected as:

- Gulf View: approximately $576,220

- No Gulf View: approximately $276,450

Estimating days to sell, considering historical averages, suggests:

- Gulf View units typically sell in about 60 days.

- No Gulf View units take approximately 70 days.

These estimates assist in setting realistic expectations and planning sales strategies.

Conclusion

The statistical analysis indicates that Gulf View condominiums tend to sell at higher prices with greater variability, reflecting their premium status. Both property types exhibit similar market durations, with outliers highlighting potential opportunities or risks. Constructed confidence intervals provide reliable estimates for mean sale prices and days to sell, supporting informed decision-making. Sample size estimations ensure future data collection aligns with desired precision. Lastly, sale price and time estimates for new listings derived from historical trends support strategic marketing. Overall, the market demonstrates robustness but also variability, emphasizing the need for continuous data analysis to adapt to evolving conditions.

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