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 Assignment, 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 CondominiumsNo Gulf View Condominiums
list PriceSale priceDays to SellList PriceSale PriceDays to Sell
495475130217217182
37935071148135.5338
52951985186.5179122
552.5534.595239230150
552.5534.595239230150
334.9334.9119279267.5169
5505059221521458
169.9165197279259110
21021056179.9176.5130
97594573149.9144.9149
314314126235230114
31530588199.8192120
88580028221019561
975975100226212146
46944556149.9146.5137
32930549160160281
36533048322292.563
33231288187.517948
52049516124722752
425405149
675669142
40940028
64964929
319305140
42541085
359340107
46944972
895875129
439430160
435400206
23522791
638618100
62960097
329309114
59555545
339315150
21520048
395375135
44942553
49946586
439428.5158

Descriptive Statistics on List Price Variable for Gulf View apartments

Price (Gulf view condominiums)

Mean474.0075
Median437
Mode975
Q1334.175
Q3550.625
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Descriptive Statistics on List Price Variable for No-Gulf View apartments

Price (no Gulf view condominiums)

Mean212.8056
Median212.5
Mode279
Q1181.55
Q3238

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)

Mean454.2225
Mode305
Median417.5
Q1314.75
Q3522.875
Standard deviation192.511
Confidence level95%
Upper bound513.8833
Lower bound394.5617

Descriptive Statistics on Sales Price Variable for No Gulf View apartments

SALES PRICE (NO GULF VIEW CONDOMINIUNS)

Mean203.1889
Median203.5
Mode179
Q1177.129
Q3229.25
Standard deviation43.89
Confidence level95%
Upper bound249.5265
Lower bound208.97

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)

Mean106
Median96
Mode48
Standard deviation52.216
Q171.75
Q3136.35
Confidence level95%
Upper bound121.181
Lower bound89.818

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

DAYS TO SELL (NO GULF VIEW CONDOMINIUMS)

Mean135
Median126
Mode
Standard deviation76.3
Q174.75
Q3149.8
Confidence level95%
Upper bound170.2
Lower bound99.75

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.