Phoenix Real Estate Statistics: Average vs. Median Home Prices

Desert Harbor FishingMark Twain is credited with popularizing the phrase, “Lies, damned lies, and statistics”. Obviously,  he was aware how data can be manipulated, misleading and  needs to be understood in the proper context.  In real estate, we deal with statistics on a daily basis.  In an effort to understand trends, we encounter the terms “average sales price” and “median sales price”.  Both of them use the same set of data. Its just how you look at the data so it is useful to understand the difference between the two terms.

 

Median vs. Average Price in Real EstateCoral Point - The Falls waterfront

The calculations for average and median prices are fairly straight forward.

The median of a set of numbers is that number where half the numbers are lower and half the numbers are higher. When we’re considering real estate,  that means that the median is the price where half the homes are less expensive, and half are more expensive.

The average of a set of numbers is the total of those numbers divided by the number of items in that set.    For example:

Median  vs Average

For the data to the left let’s determine the median and average for these 11 houses.  The value or median where there are an equal number above and below is $210,000.

To calculate the average we add the prices of the 11 homes which gives a total of $3,385,000. Now divide this by 11 and the average house price is $307,727.

As you can see, the difference between the median and average is almost $100,000!  The distribution of the data is the key.  The median will keep the outliers on the extremes from overly influencing the  calculation.

Waterfront on Ocotillo Lakes with boatSo when you’re listening to someone talk about the median vs. the average price per square foot, it’s important to understand the different and how the distribution of the data can affect the outcome.

If you’re looking for that special home but need help finding it, go to send me listings and describe what you’re looking for and I’ll be glad to help.

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$650,000 :: 1418 W EMERALD KEY Court, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,798 sq ft
Lot Size: 9,148 sq ft
Added: 12/04/20, Last Updated: 01/09/21
Property Type: Single Family
MLS Number: 6167989
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
Status: Active


LAKE FRONT HOME in Cul-de-sac!! This is a 2800 sq. foot home with a pool!! Beautiful location on the point with 3 lake channels views in the sought-after ''Island'' community In Gilbert. There are 2 master suits, an additional setting room area, and have amazing lake views!! Master is one wing of the home, split, with 2 exits to the pool, lake and patio area!! Awesome backyard with incredible views, cover patio, boat dock, artificial grass, mature landscaping. Kitchen has granite, lots of counter space, gas cook top, duel ovens, stainless appliances and lots of cabinets. Eat in kitchen with great views!! Formal living/dining room, huge family room, 2-way fireplace, 2 upgraded 16 seer AC units, great community, walking, biking, volleyball and a lot more!!

Listed with The Manz Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$800,000 :: 1409 N MISSION COVE Lane, Gilbert AZ, 85234

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3 beds, 3 baths
Home size: 2,972 sq ft
Lot Size: 9,584 sq ft
Added: 01/02/21, Last Updated: 01/08/21
Property Type: Single Family
MLS Number: 6172318
Community: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Tract: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Status: Active


Live the luxury lakefront lifestyle in Val Vista Lakes! This well-maintained and beautifully updated single-level home is perfectly situated on the lake with extensive uninterrupted views of West Lake. Highly desirable location in Gilbert - one of the most sought after cities to live! This home would be perfect for a lock-n-leave during the winter months or gracious year round residence. New granite kitchen countertops on full-overlay cherry cabinets. Center island cooktop ideal for entertaining or slipping out to the covered patio for dining al fresco. Island bar seating for 3-4 or large sunny dinette with beautiful plantation shutters. Add the formal dining room and you could host large gatherings for friends & family. Open concept kitchen and family room with corner fireplace

Listed with Keller Williams Integrity First


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$679,000 :: 437 E HEARNE Way, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,929 sq ft
Lot Size: 7,841 sq ft
Added: 12/31/20, Last Updated: 01/03/21
Property Type: Single Family
MLS Number: 6175800
Community: STONEBRIDGE LAKES ESTATES UNIT TWO LT 1-203 TR A-H
Tract: STONEBRIDGE LAKES ESTATES UNIT TWO LT 1-203 TR A-H
The price of this listing was last reduced on 1/3/2021 by 3%
Status: Active


Beautiful Waterfront Lot in the Gilbert Lake Community of Stonebridge Lakes Estates. Just minutes from Downtown Gilbert and Freestone Regional Park. This one-owner home shows pride of ownership. You'll love the gorgeous lake views from your family room, kitchen, office and master bedroom/balcony. Eat-in kitchen opens to great room and has quartz countertops, island and walk-in pantry. Home boasts plantation shutters, ceiling fans & marble window sills t/o as well as California Closets in several rooms. Many improvements have been made to home: Interior/Exterior paint in 2020.Newer Trane XR heating/ac system (2016), Newer security system (2017), Newer galvanized lake fence & invisible pool/lake fence to protect dogs from lake...Newer sand filter..Newer pool decking, Newer water softener

Listed with HomeSmart


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$800,000 :: 1818 E WILLOW TREE Court, Gilbert AZ, 85234

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2 beds, 3 baths
Home size: 2,992 sq ft
Lot Size: 11,762 sq ft
Added: 12/10/20, Last Updated: 12/21/20
Property Type: Single Family
MLS Number: 6168349
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 12/21/2020 by 3%
Status: Active


Highly sought-after single-level waterfront on the main lake on Val Vista Lakes. This immaculately maintained home is move-in ready. Very low maintenance and perfect lock-&-leave property for people on the go or as a seasonal home. Situated on a point & very open portion of the lake with views in all direction. Private dock where you can set sail for a sunset cruise or over to the clubhouse for a quick round of tennis or pickle-ball, or work-out at the gym. Large kitchen with stainless steel appliances, granite countertops, excellent views of the water and large dinette area. Loads of storage with 2 pantries and addition service bar. Large owner's suite overlooking the lake, large bathroom and walk-in closet & more storage! Second en-suite master with another large walk-in closet!

Listed with Keller Williams Integrity First


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$2,000,000 :: 193 N SKI Court, Gilbert AZ, 85233

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5 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,038 sq ft
Added: 11/02/20, Last Updated: 11/02/20
Property Type: Single Family
MLS Number: 6155305
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


Resort style living. Freshly remodeled Custom Home on a private water ski lake. Water ski, wakeboard, sail or paddle just out your back door. New limestone walkways lead you to iron doors that open to a 21' tall foyer & great room. A fantastic view of the pool & lake thru a wall of glass. Master Suite, private office & guest bedroom are on first floor. All bedrooms have their own full bath. Enjoy: Quartzite counters w/maple cabinets & 2 islands . Built in SS refer, ovens, warming draw, 6 burner cooktop, DW & prep sink. The home boasts: An oversize 5 car garage. Bonus Room w/ wet bar & pool table. Covered patios & balcony w/ bbq, hood & sink. Covered boat dock w/ lift, sink & refer. Storage building for pool & lake toys. Remodeled pool and spa. Commercial misters. Outdoor shower. Etc.

Listed with The Hogan Group LLC


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


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