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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$549,900 :: 1313 W WINDRIFT Way, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,183 sq ft
Lot Size: 3,921 sq ft
Added: 05/25/21, Last Updated: 08/01/21
Property Type: Single Family
MLS Number: 6241203
Community: The Islands
Tract: The Islands
The price of this listing was last reduced on 8/1/2021 by 4%
Status: Active


Wow!!!! WATERFRONT former Model Home, Beautifully designed open floorplan, Nice and bright natural light, with amazing lake views to enjoy! This home features Stunning Vaulted ceilings, elegant fireplace in Living room, 3 Awesome Bedrooms upstairs and 2.5 bathrooms, upgraded Kitchen with pull out cabinets drawers, smooth stove top, granite countertops and Huge walk in pantry. Backyard includes putting green, private SPA, Good size Covered Patio and custom built in BBQ Grill with bar. Lots of storage and an Extended 2 car garage. Very Desirable community in The Islands, offering Fishing,boating, parks and recreation for you and your Family!

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/!


$1,282,461 :: 1452 E BLUE RIDGE Way, Gilbert AZ, 85298

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4 beds, 3.5 baths
Home size: 3,949 sq ft
Lot Size: 12,633 sq ft
Added: 07/28/21, Last Updated: 07/28/21
Property Type: Single Family
MLS Number: 6270680
Community: HAMSTRA DAIRY PHASE 1 REPLAT
Tract: HAMSTRA DAIRY PHASE 1 REPLAT
Status: Active


Located in the master-planned community of Waterston with a 7-acre Central Park and Lake this single story MODEL home features black gourmet stainless steel appliances with a G.E. 36'' gas cooktop, double wall ovens, professional 36'' vented hood, microwave, dishwasher and refrigerator, granite and quartz kitchen countertops, designer kitchen backsplash, Timberlake Portfolio Lusanne maple truffle kitchen cabinets, oversized kitchen island, two-tone interior paint, 12' ceiling at great room, walk-in shower at primary bath, stackable washer and dryer at primary suite closet, slider at gameroom, exterior fireplace in courtyard, exterior French door at primary suite, professionally landscaped front and back, pavers at driveway and porch and so much more. Close of escrow on or before 11/15/21

Listed with Tri Pointe Homes Arizona 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/!


$1,290,017 :: 1438 E BLUE RIDGE Way, Gilbert AZ, 85298

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4 beds, 3.5 baths
Home size: 3,382 sq ft
Lot Size: 12,633 sq ft
Added: 07/27/21, Last Updated: 07/27/21
Property Type: Single Family
MLS Number: 6270429
Community: HAMSTRA DAIRY PHASE 1 REPLAT
Tract: HAMSTRA DAIRY PHASE 1 REPLAT
Status: Active


Located in the master-planned community of Waterston with a 7-acre Central Park and Lake this single story MODEL home features gourmet stainless steel appliances with a G.E. 36'' gas cooktop, double wall ovens, professional 36'' vented hood, microwave, dishwasher and refrigerator, granite kitchen countertops, designer kitchen backsplash, extended kitchen nook, Kinsdale Boulder kitchen cabinets with 42'' stacked uppers, oversized kitchen island, two-tone interior paint, extended bedrooms 2 and 3, 12' ceiling at great room, generation suite with a kitchenette, frameless walk-in shower at primary bath, 90 degree slider at extended nook and great room, professionally landscaped front and back, pavers at driveway and front porch and so much more. Close of escrow on or before 11/15/21.

Listed with Tri Pointe Homes Arizona 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/!


$550,000 :: 457 S Marina Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,156 sq ft
Lot Size: 3,921 sq ft
Added: 07/16/21, Last Updated: 07/16/21
Property Type: Single Family
MLS Number: 6257231
Community: The Islands of Gilbert AZ
Tract: The Islands of Gilbert AZ
Status: Active


Imagine your morning coffee accompanied by a peaceful lake view! This 3 Br. waterfront home inside a GATED COMMUNITY was modified at construction for extra space, and seamlessly blends indoor and outdoor living. An open greatroom has vaulted ceiling, dramatic staircase, and overlooks the patio with a backdrop of cool, crisp water. In addition to a view balcony, the master suite sports a glass-enclosed fireplace, large bath and walk-in closet. The kitchen is a cook's delight, smart and nicely appointed with black tile surfaces and stainless appliances, and is open to the family room with fireplace. Plank tile flooring, plantation shutters, oversized second bedroom, and two newer A/Cs in 2018. HOA fee is reasonable and includes front and back yard maintenance, community pool, parks.

Listed with Arizona Elite Properties


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


$3,500,000 :: 1502 E TREASURE COVE Drive, Gilbert AZ, 85234

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8 beds, 8 baths
Home size: 6,781 sq ft
Lot Size: 33,542 sq ft
Added: 06/25/21, Last Updated: 06/25/21
Property Type: Single Family
MLS Number: 6256331
Community: WEST LAKE ESTATES
Tract: WEST LAKE ESTATES
Status: Active


Welcome to the rarest one-of-a-kind GEM on Treasure Cove located in the coveted & prestigious GATED West Lake Estates! This unique estate is located on 2 waterfront lots with the most STUNNING expansive views of the lake--and this exquisite ESTATE has recently been completed remodeled! This amazing estate boasts: over 6700 square feet of the finest luxury and superior quality finishes with 8 bedrooms and 8 baths, a large 3 car garage, an elevator, Gourmet Chef's Kitchen--indoors and out--home theater, game room, 50 bottle wine room with humidor, impressive outdoor patio with a huge gazebo that has misting and heating, firepits, impressive 36,000 gallon salt water pool with swim up bar.. the views & outdoor living are like living in the finest 5 star resort! Click ''more'' for further

Listed with Cooper Premier Properties 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/!


$575,900 :: 1025 W PENINSULA Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,787 sq ft
Lot Size: 10,019 sq ft
Added: 12/05/20, Last Updated: 01/27/21
Property Type: Single Family
MLS Number: 6156476
Community: WINDHAVEN
Tract: WINDHAVEN
Status: Active


BEST PRICED WATERFRONT ISLAND HM.N/S.EXP.OVER 10K SF WATERFRT VIEW LOT W/94 FEET OF WATER FRONT & APPROX.120FT DEEP LOT.PRVT DOCK BRIGHT&OPEN.FORMAL LVG;DININGNOOK+FR.VAULTED CEILING.UPDATED FLOORING;GRANITE COUNTER KITCHEN CABINETS;WHITE WOOD SHUTTERS.SECURITY DRS@ENTRY&BACK PATIO DBL FRENCH DOOR. OVER-SIZED COV'D PATIO.WET BAR W/GRANITE COUNTER.ALL BATHS HAVE BEEN REMODELED.MASSIVE MASTER BR W/HIS&HER'S CLOSETSSEP.TUB/SHOWER.2 SINKS W/SPACIOUS COUNTER SPACE&STORAGE.DBL FRENCH DOOR W/SEC.IRON GATE WALK ON TO PVT WATER FRONT VIEW DECK FOR YOUR LEISURE MORNING RELAXATION -THEN RETURN TO ENJOY THE INCREDIBLE ARIZONA SUNSET-LIFE IS JUST PERFECT HERE. HURRY! CALL NOW FOR YOUR PRIVATE TOUR ARRANGEMENT. MUST SEE TO APPRECIATE. MASKS REQUIRED WHILE ON THE PREMISE.

Listed with FDR Real Estate


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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