Gulf Real Estate Properties Inc is a real estate firm in South West Florida. Using their data of sales, of both “Gulf view” sales and “No Gulf view” sales, the following Managerial reports are generated. It gives a good glimpse into the sales of both Gulf View and Non Gulf view Condominiums and can assist a real-estate agent to make informed decisions.
1. The first set of reports is statistics around listing and sale of Gulf view condos and the time taken to sell them. The List Price and Sale Price is in 1000s
##              Tot Condos   Mean Median Highest/Longest Lowest/Shortest Std Dev
## List price           40 474.01  437.0           975.0           169.9  197.29
## Sale price           40 454.24  417.5           975.5           165.0  192.55
## Days to Sell         40 106.00   96.0           282.0            28.0   52.22
2. The second set of reports is statistics around listing and sale of condos without a Gulf view and the time taken to sell them.The List Price and Sale price is in 1000s
##              Tot Condos   Mean Median Highest/Longest Lowest/Shortest Std Dev
## List price           18 212.81  212.5           322.0           148.0   48.95
## Sale price           18 203.19  203.5           292.5           135.5   43.89
## Days to Sell         18 135.00  126.0           338.0            48.0   76.30
3. Additional Statistics and major takeaways for a real estate agent to understand the market. The following two tables list the Condos that had Maximum/Minimum List/Sale Prices and Longest/Shortes Days to Sell with their corresponding records for both Gulf View and Non Gulf View.
The following can be concurred from the sales:
1.The Gulf View Condos are more Popular. We can see that from the Days to Sell. Days to Sell is shorter for Gulf View Condos. The standard deviation of Days to Sell of Gulf View condos also is less signifying that the Days to Sell are centered around the mean.
2. If the Seller is agreeable to wait for longer number of days, they can potentially sell for a higher price. The real estate agent may speak about to the Seller. Notice that two Condos in the Gulf View were both listed for 975K. The seller that waited for 100 days was able to sell for $500 more than the listing price, whereas the seller that waited for 73 days had to sell below the 975K Listing price and sold for $945K.
3. The longest to stay in the market is a No Gulf View for 338 days and also it sold below the list price. A recommendation we would make to the real estate agent is , depending on whether the condo to be sold is Gulf View or No Gulf View, the agent should take a decision to wait for a good seller. If the Condo is a Gulf view the agent should wait for the right price, but if the Condo is a No Gulf View, the agent should recommend selling without waiting for long to the highest bidder.
4. Notice that in the Gulf View Condos the Mean of both Sale Price and List Price is higher than the median signifying positive skewness and more data to the right and extended right tail which points to higher Prices and demand forGulf view condos
## Gulf View Condos - Additional Statistics - List/Sale Price is in 1000s
##                  List Price Sale Price Days to Sell
## Max List price   975        945        73          
## Min List price   169.9      165        197         
## Max Sale Price   975        975.5      100         
## Min Sale Price   169.9      165        197         
## Max Days to Sell 885        800        282         
## Min Days to Sell 409        400        28
## No Gulf View Condos - Additional Statistics -  List/Sale Price is in 1000s
##                  List Price Sale Price Days to Sell
## Max List price   322        292.5      63          
## Min List price   148        135.5      338         
## Max Sale Price   322        292.5      63          
## Min Sale Price   148        135.5      338         
## Max Days to Sell 148        135.5      338         
## Min Days to Sell 187.5      179        48
The following is the 95% confidence interval of Population mean’s Sale price
## The 95% confidence interval is between 394.56 and 513.91 for population mean of Sales Price (Amount is in 1000s)
The following is the 95% confidence interval of Population mean’s Days to Sell
## The 95% confidence interval is between 89.82 days and 122.18 days for population mean of Days to Sell