Exploratory Data Analysis

Gulf Real Estate Properties, Inc., is a real estate firm located in southwestern Florida. The company, which advertises itself as “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 recent sales data for 40 Gulf View condominiums and 18 No Gulf View condominiums.* Prices are in thousands of dollars.

  1. Use appropriate descriptive statistics to summarize each of the three variables for the 40 Gulf View condominiums.
  2. Use appropriate descriptive statistics to summarize each of the three variables for the 18 No Gulf View condominiums.
  3. Compare your summary results. Discuss any specific statistical results that would help a real estate agent understand the condominium market.

Answer

Gulf View Condominiums No Gulf View Condominiums
list Price Sale price Days to Sell List Price Sale Price Days to Sell
495 475 130 217 217 182
379 350 71 148 135.5 338
529 519 85 186.5 179 122
552.5 534.5 95 239 230 150
552.5 534.5 95 239 230 150
334.9 334.9 119 279 267.5 169
550 505 92 215 214 58
169.9 165 197 279 259 110
210 210 56 179.9 176.5 130
975 945 73 149.9 144.9 149
314 314 126 235 230 114
315 305 88 199.8 192 120
885 800 282 210 195 61
975 975 100 226 212 146
469 445 56 149.9 146.5 137
329 305 49 160 160 281
365 330 48 322 292.5 63
332 312 88 187.5 179 48
520 495 161 247 227 52
425 405 149
675 669 142
409 400 28
649 649 29
319 305 140
425 410 85
359 340 107
469 449 72
895 875 129
439 430 160
435 400 206
235 227 91
638 618 100
629 600 97
329 309 114
595 555 45
339 315 150
215 200 48
395 375 135
449 425 53
499 465 86
439 428.5 158

Descriptive Statistics on List Price Variable for Gulf View apartments

Price (Gulf view condominiums)

Mean 474.0075
Median 437
Mode 975
Q1 334.175
Q3 550.625
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Descriptive Statistics on List Price Variable for No-Gulf View apartments

Price (no Gulf view condominiums)

Mean 212.8056
Median 212.5
Mode 279
Q1 181.55
Q3 238

Comparison of the list price of Gulf View Apartments vs Non-Gulf View Apartments

  1. The average list price in gulf view condominiums is higher than the average list price of no gulf condominiums.
  2. Median in gulf view is higher than the median in no gulf view condominiums.
  3. The highest occurrence value in gulf view is 975 and in no gulf is 279. This shows that value of highest occurrence in gulf view is more than in no gulf view.
  4. Quartiles which distributes the data in 4 parts. Q1 and Q3 in gulf view are 334.157 and 554.625 respectively which are higher than the values of Q1 and Q3 in no gulf view which are 181.55 and 298 respectively, Inter quartile range in gulf view is 220.468 and in no gulf view is 116.45, which means that gulf view has more spread.

Descriptive Statistics on Sales Price Variable for Gulf View apartments

SALES PRICE (GULF VIEW CONDOMINIUMS)

Mean 454.2225
Mode 305
Median 417.5
Q1 314.75
Q3 522.875
Standard deviation 192.511
Confidence level 95%
Upper bound 513.8833
Lower bound 394.5617

Descriptive Statistics on Sales Price Variable for No Gulf View apartments

SALES PRICE (NO GULF VIEW CONDOMINIUNS)

Mean 203.1889
Median 203.5
Mode 179
Q1 177.129
Q3 229.25
Standard deviation 43.89
Confidence level 95%
Upper bound 249.5265
Lower bound 208.97

Comparison of the list price of Gulf View Apartments vs No Gulf View Apartments

  1. Mean of sales price in gulf view is more than the mean of sales price in no gulf view.
  2. The highest occurrence value in gulf view is 305 and in no gulf is 179. This shows that value of highest occurrence in gulf view is more than in no gulf view.
  3. Quartiles which distributes the data in 4 parts. Q1 and Q3 in gulf view are 314.75 and 522.87 respectively which are higher than the values of Q1 and Q3 in no gulf view which are 177.125 and 229.25 respectively, Inter quartile range in gulf view is 208.12 and in no gulf view is 52.125, which means that gulf view has more spread.
  4. Confidence level in both views is same (95%).
  5. Upper bound and lower bound in gulf view are 513.88 and 394.56 respectively, this means 95% values lies between 513.88 and 394.56.
  6. Standard deviation in gulf view is higher than in no gulf view, that means gulf view data has more dispersion than non-gulf view.

Descriptive Statistics on Days to Sell Variable for Gulf View apartments

DAYS TO SELL (GULF VIEW CONDOMINIUMS)

Mean 106
Median 96
Mode 48
Standard deviation 52.216
Q1 71.75
Q3 136.35
Confidence level 95%
Upper bound 121.181
Lower bound 89.818

Descriptive Statistics on Days to Sell Variable for No Gulf View apartments

DAYS TO SELL (NO GULF VIEW CONDOMINIUMS)

Mean 135
Median 126
Mode
Standard deviation 76.3
Q1 74.75
Q3 149.8
Confidence level 95%
Upper bound 170.2
Lower bound 99.75

Comparison of the list price of Gulf View Apartments vs Non-Gulf View Apartments

  1. Mean of Days to sell in gulf view is more than the mean of Days to sell in no gulf view.
  2. The highest occurrence value in gulf view is 48 and in no-gulf has no any value. This shows that value of highest occurrence in gulf view is more than in no gulf view.
  3. Quartiles which distributes the data in 4 parts. Q1 and Q3 in gulf view are 71.75 and 136.25 respectively which are higher than the values of Q1 and Q3 in no gulf view which are 74.75 and 149.75 respectively, Inter quartile range in gulf view is 64.5 and in no gulf view is 75, which means that no gulf view has more spread.
  4. Confidence level in both views is same (95%).
  5. Upper bound and lower bound in gulf view are 122.181 and 89.818 respectively, this means 95% values lies between 122.181 and 89.818.
  6. Standard deviation in no gulf view is higher than in gulf view, that means no gulf view data has more dispersion than non gulf view.

We have calculated above descriptive statistics for the given data using Microsoft-Excel. To know more about how to use programs like Excel, SPSS, STATA or others for exploratory data analysis, get in touch with online statistics tutors at assignmenthelp.net.