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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$689,900 :: 1031 S CORAL KEY Court, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 3,126 sq ft
Lot Size: 12,633 sq ft
Added: 09/10/20, Last Updated: 10/01/20
Property Type: Single Family
MLS Number: 6127856
Community: KEY HARBOR LOT 1-71 TR A-C
Tract: KEY HARBOR LOT 1-71 TR A-C
The price of this listing was last increased on 10/1/2020 by 3%
Status: Active


Gorgeous waterfront home located in the coveted Gilbert Islands! Situated on almost a 1/3 acre lot this beauty is well appointed with engineered hard wood floors, plantation shutters, custom Kolbe French doors, 4.5'' baseboards, fresh designer two tone paint and a stunning fireplace with custom mantel. Kitchen boasts custom cabinets, double oven, warming drawer, granite counters, breakfast bar and a gas range stove top. Downstairs master with his and hers walk in closets and a remodeled master bath featuring custom cabinets, garden tub and snail shower. Outside oasis with travertine pavers, sparkling pool, spa, and your own private putting green! Tankless hot water heater, Bosch RO, soft water system and just re-roofed last month. You don't want to miss this one!

Listed with Keller Williams Realty East Valley


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


$775,000 :: 904 E HAMPTON Lane, Gilbert AZ, 85295

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5 beds, 4 baths
Home size: 4,271 sq ft
Lot Size: 8,712 sq ft
Added: 09/24/20, Last Updated: 09/24/20
Property Type: Single Family
MLS Number: 6136664
Community: ESTATES AT VELVENDO
Tract: ESTATES AT VELVENDO
Status: Active


COME HOME TO A DREAM! Portraying EVERYDAY FUNCTIONALITY & THE DESIRABLE GILBERT LIFESTYLE in all ways... Distinctive 2017 Meritage Home craftsmanship & valued efficiencies, Today's Open Great Room floor plan offering several bonus spaces, full bath/bed downstairs, 4-car garage & expansive Owner Retreat w/Private Balcony, Craftsman Home Interior modeling all must-have structural options & exclusive finishes/upgrades, Tastefully appointed Kitchen that would please a true chef, Designer Pool & Backyard Space invites all the moments you've earned to relax, entertain & splash in your own tropical outdoor escape, superior water-way home-site w/scenic creek & mountain views, Gilbert's Destination Master Plan of Velvendo,

Listed with Realty ONE 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/!


$759,000 :: 2135 E CLIPPER Lane, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 3,514 sq ft
Lot Size: 10,019 sq ft
Added: 08/10/20, Last Updated: 09/11/20
Property Type: Single Family
MLS Number: 6115579
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
The price of this listing was last reduced on 9/11/2020 by 2%
Status: Active


Incredible fully custom home located in the desirable Regatta gated community of Val Vista Lakes. Italian Mediterranean style w/ beautiful imported white carrara marble flooring, coffered ceilings & elegant interior columns. Built at cost of nearly $1,000,000. Gorgeous water views from all interior rooms and large outdoor balcony. Beautiful hand-painted canvas murals available for purchase. Luxurious master suite on ground floor. Kitchen features upgraded cabinets and granite counter tops. Separate living and family rooms. Domed ceiling with mood lighting. Two-way fireplace. Fruit trees including delicious oranges, lemons & figs. Amazing clubhouse w/ fitness, tennis, racquetball, pools with sandy beach, and lots more. Check out the Visual Tour for incredible views of home and water

Listed with West USA Realty


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


$999,900 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

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5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,019 sq ft
Added: 02/01/20, Last Updated: 05/28/20
Property Type: Single Family
MLS Number: 6031674
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Live in 5,000 sq. ft. of the main home and put guests or a tenant in the 1,200 sq. ft. next gen suite which has a separate entrance. Wakesurf and wakeboard on your private lake from the dock in your own backyard. Owner will include the boat in the sale as a turn-key lakefront luxury experience.

Listed with West USA Realty


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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