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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$844,000 :: 1734 E QUEEN PALM Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 2,658 sq ft
Lot Size: 12,197 sq ft
Added: 04/15/21, Last Updated: 04/15/21
Property Type: Single Family
MLS Number: 6218906
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Step into gated lakefront luxury and be welcomed with views that only waterfront living can provide! This spotless home features 4 bedrooms, 3 renovated bathrooms, a chef's kitchen, a master bedroom with access to an upstairs deck allowing for unobstructed views of the lake, sparkling private pool and built in BBQ. Pride of ownership, this home has received accolades from the community architectural committee for the beautifully landscaped yard. Community amenities include tennis, pickleball, a baseball field, community playgrounds, a rose garden, a recently approved addition of a community garden, 5 community pools including a beach entry pool with real white sand! A+ schools and the elementary school right outside the gate! Just minutes to the 60, shopping, dining, and entertainment.

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/!


$1,250,000 :: 1726 E QUEEN PALM Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,134 sq ft
Lot Size: 11,326 sq ft
Added: 04/14/21, Last Updated: 04/14/21
Property Type: Single Family
MLS Number: 6221496
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
Status: Active


Rare opportunity in Val Vista Lakes to own a fully furnished turn key home on the waterfront that's been completely remodeled inside and out!! Absolutely stunning views of the lake with a modern/contemporary interior flare! Open great room concept, natural light throughout, quartz counters, stainless steel appliances, kitchen island, tile floors, new roof, new exterior stucco & paint, newer AC units, heated pool & spa, covered patio, and so much more as this home was taken down to the studs! 4 beds, 3 baths, 2 fireplaces, built in BBQ area and boat dock! Located in one of the premier lake communities in AZ with unrivaled community amenities, you don't want to miss out on a chance to own a home in paradise. **All furniture included and pontoon boat available by separate bill of sale.**

Listed with RE/MAX Fine 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/!


$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: 04/01/21, Last Updated: 04/05/21
Property Type: Single Family
MLS Number: 6215378
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Conditional


Luxury Waterski Community in the heart of Gilbert! This is the perfect home for a family who is interested in wakeboarding or wakesurfing. The rarest combination of location and lifestyle! 5 beds, 5 baths featuring a beautiful, large kitchen/family room area, sound-proof office, 2 full kitchens, 3 laundry rooms, air-conditioned garages, lots of storage and a north facing corner lot right on the lake. This home offers a private dock and beach front on one of the only 3 waterski lakes in the East Valley. The ski lake has a 5 buoy course for competition training or practicing. You have the option of living 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. You won't find another one like this unique home!

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/!


$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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