Gulf Real Estate Properties “The purpose of an interval estimate is to provide information on how close the point estimate, provided by the sample, is to the value of the population parameter” (p. 306). The sample data is provided by Multiple Listing Service, which provides data for 40 Gulf View condominiums and 18 non-Gulf View condominiums. These sample data will be used to provide the appropriate descriptive statistics to summarize each of the three variables and determine outliers for Gulf View Condominiums and No Gulf View Condominiums. Once this information is provided, specific statistical results that could help a real estate agent understand the condo market will be discussed. Then, a 95% interval estimate of the population average sales price and the average number of days to sell will be calculated with an interpretation of the results found for the two co-ownerships. We will then look at the margin of error of the average sales price using a 95% confidence level to determine the sample size for each. Finally, an estimate of the final sale price (based on the percentage difference between the sale price and the list price) and the number of days it will take to sell each of the units. Based on the samples provided, there are no outliers for either Gulf View Condominiums or No Gulf View Condominiums. The method I used to determine if there were any outliers in this case was z-score. “Z scores are a transformation of raw scores into standard form where the transformation is based on knowledge of the population mean and standard deviation” (www.forrest.psych.unc.edu, 2004, para. 2 ). When using z-score to determine outliers, the sample should be greater than 3 standard deviations or... middle of paper ...... a relator may be interested in learning more on co-ownerships. Next, the 95% confidence level was calculated and an interpretation of the mean of the results was provided. Then, the sample size was determined based on the margin of error provided and a 95% confidence level. Finally, the estimated final sales price and days on sale for Gulf View and No Gulf View condominiums were presented using linear regression. References Anderson, DR, Sweeney, DJ and Williams, TA (2012). Essential statistics for businesses and the economy. (6th revised edition). Cengage Learning of the Southwest www.forrest.psych.unc.edu. (2004). Z scores and T scores. Retrieved from www.forrest.psych.unc.edu/research/vista-frames/help/lecturenotes/lecture04/z-scores.htmlwww.stat.yale.edu. (1998). Linear regression. Retrieved from www.stat.yale.edu/courses1997-98/101/linreg.htm