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Estimate of the mean sales price

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Reference no: EM132860475

Lake View Homes, a real estate company that specializes in residential real estate, is located in Havasu City, Arizona. Management wants to know if its marketing efforts should focus in selling lake view homes primarily and has asked you, the statistics expert, to provide relevant statistics to make an informed decision with its marketing dollars

What is the mean, median, standard deviation, and the range for each of the variables:

a. LV List The list price of a lake view home
b. LV Sale The sale price of a lake view home
c. LV DaysThe number of days to sell a lake view home
d. NLV List The list price of a no lake view home
e. NLV SaleThe sale price of a no lake view home
f. NLV DaysThe number of days to sell a lake view home

Lake View Homes
List Price Sale price Days to Sell
$675.00 $669.00 142
$409.00 $400.00 28
$649.00 $649.00 29
$319.00 $305.00 140
$425.00 $410.00 85
$359.00 $340.00 107
$469.00 $449.00 72
$895.00 $875.00 129
$439.00 $430.00 160
$435.00 $400.00 206
$235.00 $227.00 91
$638.00 $618.00 100
$629.00 $600.00 97
$329.00 $309.00 114
$595.00 $555.00 45
$339.00 $315.00 150
$215.00 $200.00 48
$395.00 $375.00 135
No Lake View Homes
List Price Sale Price Days to Sell
$217.00 $217.00 182
$148.00 $135.50 338
$ 186.50 $179.00 122
$ 239.00 $230.00 150
$ 279.00 $267.50 169
$ 215.00 $214.00 58
$ 279.00 $259.00 110
$ 179.90 $176.50 130
$ 149.90 $ 144.90 149
$ 235.00 $230.00 114
$ 199.80 $ 192.00 120
$ 210.00 $ 195.00 61
$ 226.00 $ 212.00 146
$ 149.90 $ 146.50 137
$ 160.00 $ 160.00 281
$ 322.00 $ 292.50 63
$ 187.50 $ 179.00 48
$ 247.00 $ 227.00 52

-Develop a 95% confidence interval estimate of the mean sales price and the mean number of days to sell a lake view home and a no lake view home.

-Assume the company just signed contracts on two new listings: A lake view home with an asking price of selling price of $600,000 and no lake view home with an asking price of $300,000. What is the estimate of the final selling price and the number of days required to sell each of these homes?

-Based on the total analysis, provide management with suggestions on how the company's marketing dollars should be spent. Should the company market primarily lake view homes?

Reference no: EM132860475

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