Gulf Real Estate Management and Statistics

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Introduction

Managers write managerial reports to inform their supervisors of their business decisions, departmental progress and future outlook of the market. A managerial report uses data and a standard report format to organize the information (Crosson & Needles, 2010). This managerial will provide a statistical summary on list price, sale price and number of days taken by Gulf Real Estate to sell gulf view and no gulf view properties. It also includes calculation of confidence interval and interpretation of the results. Furthermore, the report will compare results for gulf view condominiums against those of the no gulf view condominiums. Finally, the report will explain how stakeholders in real estate business can use this statistical information to evaluate the market.

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Managerial Report Solutions

Summary of the three variables for the Gulf View Properties

List Price ‘000 Sale Price ‘000 Days to Sell ‘000
Mean 474.007 Mean 454.222 Mean 106
Standard Error 31.19 Standard Error 30.44 Standard Error 8.26
Median 437 Median 417.5 Median 96
Mode 975 Mode 305 Mode 85
Standard deviation 197.29 Standard deviation 192.517 Standard deviation 52.22
Sample Variance 38920.18 Sample Variance 37063.78 Sample Variance 2726.51
Kurtosis 1.01 Kurtosis 1.18 Kurtosis 2.02
Skewness 1.09 Skewness 1.16 Skewness 1.08
Range 805.1 Range 810 Range 254
Minimum 169.9 Minimum 165 Minimum 28
Maximum 975.0 Maximum 975 Maximum 282
Sum 18960.3 Sum 18169.7 Sum 4240
Count 40 Count 40 Count 40

Summary of the three variables for the No Gulf View Properties

List Price ‘000 Sale Price ‘000 Days to Sell ‘000
Mean 212.8 Mean 203.19 Mean 135
Standard Error 11.53 Standard Error 10.34 Standard Error 18
Median 212.5 Median 203.5 Median 126
Mode 279 Mode 179 Mode N/A
Standard deviation 48.94 Standard deviation 43.9 Standard deviation 76.3
Sample Variance 2411.2 Sample Variance 1934.3 Sample Variance 5821.65
Kurtosis -0.085 Kurtosis -0.46 Kurtosis 2.22
Skewness 0.54 Skewness 0.3 Skewness 1.36
Range 174 Range 157 Range 290
Minimum 148 Minimum 135.5 Minimum 48
Maximum 322 Minimum 292.5 Minimum 338
Sum 3830.5 Sum 3657.4 Sum 2430
Count 18 Count 18 Count 18

The mean sale price for gulf view condominiums is higher than the mean sale price of no gulf view condominiums while the mean number of days to sell gulf view condominiums is less in comparison to that of no gulf view condominiums. In addition, the variation in the sale prices of gulf view condominiums is higher than the variation of no gulf view condominiums. The variation in average number of days to sell gulf view condominiums is greater than that of no gulf view condominiums.

Gulf view condominiums are substantially expensive than non gulf view condominiums with a median sales price of 417,000 and 203,000 respectively. However, gulf view condominiums sell at a faster rate with a mean number of days to sell of 106 that non gulf view condominiums which has 135 days. These statistical results can help a real estate agent increase their commission by selling a property faster.

The 95% confidence interval estimate of the population mean sales price and population mean number of days to sell for Gulf View condominiums = sample mean +/- 1.96*(st dev/sqrt(n)) (Crosson & Needles, 2010).

  • Sample mean= 454.22, st. deviation=192.517, n = 40.

Sales price = 454.22± 59.662. The confidence interval= 394.56 to 513.88

  • Sample mean = 106, standard deviation = 52.22, n = 40

Number of Days of sell= 106 ± 16.18. The confidence interval = 89.8 to 122.2

The 95% confidence interval estimate of the population mean Sales price and population mean number of days to sell for No Gulf View condominiums = sample mean +/- 1.96*(st dev/sqrt(n))

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Sample mean= 203.19, standard deviation= 43.9, n = 18.

  • Sales price = 203.19 ± 21.83. The interval = 181.36 to 225.02
  • Sample mean= 135, standard deviation = 76.3, n = 18

Number of Days to sell= 135 ± 37.94. the interval = 97.06 to 172.94

The optimal sample size for a Gulf View condominium with a margin of error of $40,000 is calculated as E=Z*s/√n (Anderson, Sweeney & Williams, 2012).

Where:

  • E = 40000,
  • Z = 1.96,
  • s = 192.517

n = (Z*s/E) 2 = (1.96*192.517.75/40)2 = 88.99

  • The optimal sample size should be 89
  • The optimal sample size for a No Gulf View condominium with a margin of error of $15,000 can be calculated as

E=Z*s/√n = 15000 where Z = 1.96, E = 15000, s = 43.9

n = (1.96*43.9/15)2 = 32.9. the optimal sample size is 33.

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Conclusion

In conclusion, the statistical summary of the three variables shows that gulf view condominiums are more expensive than no gulf view condominiums. Gulf view condominiums list at a mean price of 474,000 and a median price of 437,000 while no gulf view condominiums have a mean price list of 212,800 and a median price of 212,5000. In addition, gulf view condominiums sell faster with an average number of days to sell of 106 as compared to 135 days of no gulf condominiums. The three variables differ considerably between gulf view properties and no gulf condominiums. Players in the real estate business can use these statistical results understand the trends in the market.

References

Anderson, D.R., Sweeney, D.J., & Williams, T.A. (2012). Essentials of statistics for business and economics. South-Western: Cengage Learning.

Crosson, S. V., & Needles, B. E. (2010). Managerial Accounting. New York: Cengage Learning.

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BusinessEssay. (2022, November 15). Gulf Real Estate Management and Statistics. Retrieved from https://business-essay.com/gulf-real-estate-management-and-statistics/

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BusinessEssay. 2022. "Gulf Real Estate Management and Statistics." November 15, 2022. https://business-essay.com/gulf-real-estate-management-and-statistics/.

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