After analyzing a sample of 40 gulf view condominiums and 18 no gulf view condominiums it becomes evident that variations exist between the two different types of properties. When reviewing the data it becomes clear that luxurious gulf view condominiums can fetch larger selling prices and are listed on the market for fewer days than no gulf view condominiums. No gulf view condominiums fetch lower selling prices and sit on the market for longer periods of time since they are not as popular as condominiums that have wonderful views of the gulf.
5-Number Summary, Mean, Mode, Range, and Standard Deviation
40 Golf View Condominiums
List Price Sale Price Days to Sell
Smallest value 200.00 189.00 22.00
First quartile (Q1) 467.00 452.90 70.00
Median (Q2) 639.00 604.20 137.50
Third quartile (Q3) 843.00 801.40 225.50
Largest value 962.00 935.10 298.00
Mean 629.00 606.59 146.65
Mode 639.00 NA 249
Range 762.00 746.10 276.00
Standard Deviation 227.05 221.34 87.35
IQR Rule for Outliers
New Low End -97.00 -69.85 -163.25
New High End 1,407.00 1,324.15 531.25
The chart above paints a solid picture of the five-number summary, mean, mode, range, and standard deviation for the 40-gulf view condominiums sampled for our analysis. When looking at our analysis of golf view condominiums we can see that a large price range exists with one unit selling for $189,000 on the low end and another selling for $935,100 on the high end with an average selling price of $606,590. Gulf view condominiums have a range of 276 days on the market with units selling in as little as 22 days and others taking as long 298 days. According to the Interquartile Range Rule for...
... middle of paper ...
... more money than no gulf view properties and also sell in shorter periods of time. The higher asking price and lower turnaround might be something to consider if the purchaser only plans to hold the property for a short period of time. The good news is that gulf condominium realtors regardless of property type can take the gulf view and no gulf view condominium data and use this information to their advantage so they can clearly communicate the anticipated selling price and time frame to their clients. Ultimately this will be good for both the realtor and their clients since communication is also a key to success.
Anderson, D., Sweeney, D., & Williams, T. (2012) Essential of statistics for business and
economics. Mason, OH: South-Western Cengage Learning.
UNC. (2014). IQR rule for outliers. Retrieved from http://www.unc.edu/~rls/s151-09/class4.pdf
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