One Indication of How Strong the Real Estate Market Is

Essay

One indication of how strong the real estate market is performing is the proportion of properties that sell in less than 30 days after being listed. Of the condominiums in a Florida beach community that sold in the first six months of 2006, 75 of the 115 sampled had been on the market less than 30 days. For the first six months of 2007, 25 of the 85 sampled had been on the market less than 30 days. Test the hypothesis that the proportion of condominiums that sold within 30 days decreased from 2006 to 2007. Use α = .01.