Arithmetic Mean and Gulf View Essay

2032 Words May 1st, 2013 9 Pages
Gulf Real Estate Properties

Gulf Real Estate Properties, Inc., is a real estate firm located in southwest 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.
Those analyses are below:

Descriptive Statistics
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Based on the mean it shows the average listed price in the market is 474,000, which is higher than the average of the market sale price of 454,000. The data illustrates that the average market sales price is 20,000 less than the average listed price. Gulf View List Price | | Minimum | 169.9 | Maximum | 975 | Gulf View Sale Price | | Minimum | 165 | Maximum | 975 | Besides the minimum and maximum illustrates that the listed price is similar to the sales price, which means our listed price in the market are in a similar range as the sale price. Gulf View Average Sale Price | Non Gulf View Average Sale Price | $454,000.00 | $203,000.00 | Gulf View average days to sell | 106 days | Non Gulf View average days to sell | 135 days | Difference | 29 days |

Based on the data the Gulf View condominium are selling a higher average sales price than the Non Gulf View condominium and also the average days of sale list price is 106 days, which is 29 days shorter than the Non Gulf View.

The data for the Non Gulf View illustrates that the minimum and maximum listed price is substantial higher than the price sales

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