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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$775,000 :: 1518 E TREASURE COVE Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,323 sq ft
Lot Size: 17,424 sq ft
Added: 03/14/19, Last Updated: 04/20/19
Property Type: Single Family
MLS Number: 5895944
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
The price of this listing was last reduced on 4/20/2019 by 1%
Status: Active


REDUCED,BACK ON THE MARKET W/ NEW UPDATES! Custom, luxury waterfront home in prestigious West Lake Estates on a huge lot. 5 beds/3 baths. Beautiful chefs kitchen w/cherry cabinets, granite countertops, all stainless steel appliances, double convection ovens, fridge. Travertine+cherry wood floors. Beautiful custom window treatments. Combination family/game rooms w/pool table, wine cellar and bar area for indoor entertainment. Master bed has balcony overlooking large backyard, lake and mountain views. Huge master bath w/jacuzzi. Fabulous resort backyard w/ heated pool, spa, travertine patio, custom fireplace and lush landscaping. 2 RV gates. Everything has been highly upgraded! Access to Val Vista Lake amenities: pools, beach, spa, lagoon, tennis, racketball, gym, clubhouse. Home Warranty.

Listed with Arizona Oasis 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/!


$699,000 :: 1717 E Coco Palm Court, Gilbert AZ, 85234

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5 beds, 4 baths
Home size: 4,052 sq ft
Lot Size: 12,197 sq ft
Added: 02/01/19, Last Updated: 04/18/19
Property Type: Single Family
MLS Number: 5876441
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
The price of this listing was last reduced on 4/18/2019 by 4%
Status: Active


Welcome to your DREAM HOME with a basement! Gorgeous 5 bed / 4 bath, 3 car extended depth garage and side double gate!! This lakeside home in the HIGHLY DESIRABLE Val Vista Lakes, GATED ''Lakeside'' community. New exterior and interior paint, carpet, most of the interior hardware and light fixtures and many other various trim work!!! Home features a wide open floor plan, easy clean-up tile flooring and beautiful finishes throughout. Outstanding chef's kitchen fully equipped with stainless steel appliances, granite countertops and tons of wood cabinet storage. LARGE living room has stunning wood flooring, custom stone fireplace, built-in entertainment center and double doors to backyard access. Backyard has grassy area, nice patio areas and a custom boat dock!!! This is a stunning home!!

Listed with Results 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/!


$1,050,000 :: 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: 04/12/19, Last Updated: 04/12/19
Property Type: Single Family
MLS Number: 5910662
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Do you love skiing & lake life? Would you like to be able to ski, wakeboard, jet-ski or paddle board every day of the year? If so, we have the PERFECT LAKEFRONT PROPERTY for you! This 5 bed (plus loft) / 5 bath two-story home w/ NEXT GEN SUITE is in the private lake community of Play del Ray on a crystal blue lake w/ a 1/2 mile loop which allows all types of motorized boats & jet skis, as well as swimming. The backyard/dock has brand new, heat resistant deck (no burning feet!), boat dock w/ motorized lift, crank shade structure, fully organized ''gear wall'' w/ racks, 2 outside heated showers, water fountain, sandbox (with auto water filler) & natural gas line for your BBQ. The side storage area is HUGE & can fit multiple vehicles, off-road ''toys'' and/or a RV.

Listed with Rachael Richards 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/!


$589,900 :: 826 S COPPER KEY Court, Gilbert AZ, 85233

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5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 8,276 sq ft
Added: 11/15/18, Last Updated: 04/10/19
Property Type: Single Family
MLS Number: 5847112
Community: CATALINA BAY AT THE ISLANDS
Tract: CATALINA BAY AT THE ISLANDS
The price of this listing was last reduced on 3/2/2019 by 4%
Status: Active


Blending relaxation and sophistication to create the ideal home! Masterful design and luxury are uniquely embodied in this 5 bedroom 3.5 bath 2 story home with 4032 SF! Travertine walkway leads to the front door, and upon entering your eye catches the sweeping grand staircase ahead and the expansive open floor concept. The incredible island kitchen features dark cabinetry, plant shelving, pantry, white appliances, breakfast bar, and recessed lighting. This home includes its very own movie room, with a 110 inch projection screen, surround sound speaker system, custom Venetian plaster walls, LED lighting, and ramp access to each tiered level. Please see more remarks for more info.

Listed with Revelation 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/!


$530,000 :: 1509 W SILVER KEYS Court, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,409 sq ft
Lot Size: 13,504 sq ft
Added: 03/15/19, Last Updated: 04/09/19
Property Type: Single Family
MLS Number: 5896779
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
The price of this listing was last reduced on 4/9/2019 by 1%
Status: Active


Looking for a new place to call home? Then this fabulous 3 bed, 2.5 bath waterfront lot property located in Gilbert is just for you! This lavish home boasts desert landscaping, 2 car garage, vaulted ceilings, formal dining and living areas, plantation shutters, neutral paint throughout, and more! The elegant kitchen offers ample cabinetry, a pantry, granite countertops, tile backsplash, matching appliances, and a lovely island with a breakfast bar. Inside the grandiose master bedroom you will find a full bath with double sinks, separate tub and shower, and a spacious walk-in closet. The wonderful backyard includes a covered patio, grassy area, built-in BBQ, and a sparkling blue pool! Homes this great never last long, don't waste any time and schedule a showing NOW!

Listed with Realty Executives


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


$967,123 :: 2764 E WILDHORSE Drive, Gilbert AZ, 85297

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5 beds, 4.5 baths
Home size: 4,292 sq ft
Lot Size: 13,503 sq ft
Added: 03/31/19, Last Updated: 03/31/19
Property Type: Single Family
MLS Number: 5904166
Community: SOMERSET PHASE 1
Tract: SOMERSET PHASE 1
Status: Active


Located in Gilbert's Newest Master Planned, Gated, Lake Community - Somerset at Belmont. Single level 4,292 Sq. Ft., 5 bedrooms, 4.5 baths, 4 car tandem garage. 12' ceilings in open great room, kitchen & dining room. Kitchen has large island, large prep kitchen and walk in pantry. Wolf 48'' Gas range and Hood with 11'' infrared griddle, 6 burners & dual ovens. 42'' maple cabinets with 18'' stacked cabinets and crown included. Kohler fixtures. Master bath has tub & walk-in shower, dual sinks and large closet. Large courtyard/covered patio. Rinnai tankless water heater, energy efficient EMC spray foam insulation and LED lighting. Under Construction. Best Location in Gilbert! Minutes from Shopping, Freeway access, Discovery Park - More Ready to move in MAY

Listed with The New Home Company


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


$548,000 :: 432 S BAY SHORE Boulevard, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,521 sq ft
Lot Size: 7,405 sq ft
Added: 05/24/18, Last Updated: 03/31/19
Property Type: Single Family
MLS Number: 5770856
Community: HARBOR POINT LOT 1-78 LAKE EASMT
Tract: HARBOR POINT LOT 1-78 LAKE EASMT
The price of this listing was last reduced on 1/18/2019 by 2%
Status: Active


Beautiful remodel on the water in the Islands! New wood floors greet you as you open the door to the living and dining areas. It then flows into the kitchen & greatroom which overlook the sparkling pool, lake & grassy backyard. The kitchen has stainless appliances & plenty of counter space including a perfect area for a coffee bar! Upstairs is the master with a balcony with views of the lake. The master has a large ensuite bathroom and large walk in closet. The secondary bedrooms are also upstairs and are all a generous size. The second full bath is adjacent to the other bedrooms. The home also has a 3 car garage! New carpet, new wood floor, new lighting, new kitchen design, newly resurfaced pool, freshly painted inside and out and much more! This home is move in ready!

Listed with Coldwell Banker Residential Brokerage


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


$699,500 :: 1826 E Cascade Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,870 sq ft
Lot Size: 10,454 sq ft
Added: 11/30/18, Last Updated: 03/31/19
Property Type: Single Family
MLS Number: 5852673
Community: Val Vista Lakes Crystal Shores
Tract: Val Vista Lakes Crystal Shores
The price of this listing was last reduced on 3/31/2019 by 3%
Status: Active


Come experience waterfront living at Val Vista Lakes. Conveniently located to Dana Park and U.S. 60. This three bedroom with den/3 bath home is completely updated with tile floors, plush carpeting and granite counter tops. Balcony off master suite overlooking the lake. Take in all the breathtaking views Val Vista Lakes has to offer. See video and 3D tour links and be sure to visit the clubhouse to see all that is included in your low HOA fees, including tennis complex, indoor racquetball courts, cardio and weight training facilities, junior Olympic swimming pool and spa, banquet and meeting rooms, waterfalls and a tropical lagoon swimming pool with a sandy beach. Drive through the neighborhood to see the many sports parks and bicycle paths.

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/!


$700,000 :: 1825 E MONARCH BAY Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,140 sq ft
Lot Size: 11,761 sq ft
Added: 03/05/19, Last Updated: 03/28/19
Property Type: Single Family
MLS Number: 5891470
Community: CRYSTAL SHORES AT VAL VISTA LAKES
Tract: CRYSTAL SHORES AT VAL VISTA LAKES
Status: Active


motivated seller will look any and all offers**Another beautiful waterfront home with dramatic vaulted ceilings on the ''big'' lake in the much sought after community of Val Vista Lakes**Enter to living room and separate dining room*Island kitchen has been remodeled with stainless steel appliances, gas stove, beautiful cabinets, walk in pantry and eating area*Family room has marble gas fireplace*Luxury master suite boasts remodeled bathroom, jacuzzi tub, double sinks, and closet organizers*Fabulous yard has outdoor kitchen with sink, bar and grill, pebble tec pool and separate spa*High pressure mister systems on downstairs patio***3rd car garage is converted to hobby room, seller will convert back for buyer***

Listed with Penfield 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/!


$2,490,000 :: 7450 S BEACH Boulevard, Gilbert AZ, 85298

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6 beds, 6.5 baths
Home size: 7,958 sq ft
Lot Size: 43,560 sq ft
Added: 01/07/19, Last Updated: 03/12/19
Property Type: Single Family
MLS Number: 5864521
Community: SANTAN LAKESIDE ESTATES AMD
Tract: SANTAN LAKESIDE ESTATES AMD
The price of this listing was last reduced on 3/12/2019 by 0%
Status: Active


WATERFRONT CUSTOM ESTATE-GORGEOUS MOUNTAIN VIEWS! Ski/Tube/Wake & Paddleboard from your beachfront backyard. 19 One Acre Lots Nestled Around a Private 13 Acre Lake- ENTERTAINERS DREAM! Main House 5/5.5 plus pool 1/2 bath 6,984 sq. ft. plus 974 sq.ft. Casita - Main Home features Greatroom open to unobstructed lake views, Gourmet Chef's Kitchen with room to entertain. Gorgeous Textures- Rolled brick Ceilings/Travertine /Sub-Zero/Butler's pantry w/wine fridge/ Large laundry room with all the extras! Kids wing has 3 beds and Gameroom. Detailed ceiling work. Amazing backyard w/Heated Pool/Spa/Grill Area/Fire Pit and Pizza oven. Private Covered Boat Dock with full lake access. Furniture and Boat available for sale. All 14 flat screen TV's convey with property. RV Garage! This is a Must See

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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