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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$795,000 :: 5051 S Girard Street, Gilbert AZ, 85298

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5 beds, 3.5 baths
Home size: 3,869 sq ft
Lot Size: 8,712 sq ft
Added: 08/26/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6283918
Community: Bridges
Tract: Bridges
The price of this listing was last reduced on 9/1/2021 by 4%
Status: Active


Stunning 5 bedroom 3.5 bath home in the sought after Bridges community. This 3869 square foot home has tons of space. Enter into the formal dining room & living space, with staircase, and a half bath. Open great room kitchen with massive island, breakfast seating, white linen cabinets Silestone quartz countertops. Upgraded Stainless appliances and eat in kitchen area. Large family room with lovely wood look tile flooring. Large master with 5 piece master bath, walk in closet connected to laundry. and views of the beautiful mountain vista. Huge open loft with unique space. 3 car tandem garage with opener and paver driveway. Large grass backyard backs to greenbelt. This Premium lot is close to Gilbert regional,

Listed with O48 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/!


$599,900 :: 136 N STARBOARD Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,177 sq ft
Lot Size: 7,841 sq ft
Added: 09/20/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6295652
Community: EAST LAKE AT WIND DRIFT LOT 1-46 TR A,B
Tract: EAST LAKE AT WIND DRIFT LOT 1-46 TR A,B
Status: Active


Welcome to the waterfront community of East Lake in central Gilbert. This 4 bedroom 2.5 bath home has been remodeled from the studs and shows like a new build model. The pictures tell the story! All mechanicals are brand new... a/c units/air handler and ducting & water heater. All flooring (tile and carpet new). Amazing designer touches in all bathrooms. Oversized master bedroom with lake views master bath features tiled stand alone shower with seamless glass enclosure and separate soaker tub. Different cabinet finishes in all 3 bathrooms and kitchen. Spacious kitchen with white shaker cabinets, some with pull out shelving, new disposal and faucet sink combo. Breakfast bar and eat in area. Family room (with fireplace) right off the kitchen which makes a good entertaining space.

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/!


$760,000 :: 602 N Mondel Drive, Gilbert AZ, 85233

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5 beds, 3.5 baths
Home size: 3,943 sq ft
Lot Size: 9,584 sq ft
Added: 05/19/21, Last Updated: 09/16/21
Property Type: Single Family
MLS Number: 6226707
Community: Playa Del Rey
Tract: Playa Del Rey
The price of this listing was last reduced on 9/16/2021 by 2%
Status: Active


FULLY PAID Solar Panels with back up battery keeps your electricity bills to a minimum. Popular DUAL master bedrooms plan. Gated Ski lake community. True to the builders name AMZ, you are greeted into this Amazing home with crystal chandeliers, magnificent ceilings, brand new neutral paint. Two master suites included in 5 extra large bedrooms PLUS Loft, multiple rooms with walk-in closets. Owner extended the covered patio to include patio cover in the formal area. Master Balcony looks into the beautiful treelined waters. You will experience views from Family Room, Living Room, Guest room and both the Master Suites. Kitchen has exceptional quality cherry cabinets that are so hard to find these days. New Carpet, new paint in the garage, entertaining Ramada, Barbecue with granite counters.

Listed with United Brokers 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/!


$799,000 :: 5555 S CARDINAL Street, Gilbert AZ, 85298

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6 beds, 4.5 baths
Home size: 4,648 sq ft
Lot Size: 11,326 sq ft
Added: 06/13/21, Last Updated: 09/05/21
Property Type: Single Family
MLS Number: 6236506
Community: FREEMAN FARMS PHASE 2 PARCEL 1
Tract: FREEMAN FARMS PHASE 2 PARCEL 1
The price of this listing was last reduced on 8/20/2021 by 3%
Status: Conditional


This home is ready for its new owners! Water Front View, Over sized Corner Lot, Gourmet Kitchen, Plenty of Space, Open & Bright! Walk into high open ceilings with plenty of light, new wood tile, formal living room & dining room, beautiful iron staircase. Kitchen has GE built in appliances, plenty of counter space, open to your family room with fireplace, kitchen nook with new built in, bonus room, and office with new custom cabinets! Open your windows to the rare view of a beautiful waterfall at the community lake, spacious grass back yard, with plenty of room for a pool! Upstairs welcomes you to the open loft, huge master, huge closet & walk in shower. 2 bedrooms share a Jack & Jill bath, 2 more bedrooms have a 4th full bath, laundry upstairs, plenty of storage throughout!

Listed with Diamond King 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/!


$1,287,461 :: 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: 09/02/21
Property Type: Single Family
MLS Number: 6270680
Community: HAMSTRA DAIRY PHASE 1 REPLAT
Tract: HAMSTRA DAIRY PHASE 1 REPLAT
The price of this listing was last increased on 9/2/2021 by 0%
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/!


$1,100,000 :: 1817 E BAY TREE Court, Gilbert AZ, 85234

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3 beds, 3.5 baths
Home size: 2,780 sq ft
Lot Size: 11,762 sq ft
Added: 08/06/21, Last Updated: 08/06/21
Property Type: Single Family
MLS Number: 6264581
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Beautiful custom waterfront home in gated Lakeside subdivision at Val Vista Lakes. Relax and enjoy the sunsets in your pool or spa while enjoying the gorgeous lake views! Take a spin around the lake at sunset and stop for a concert on the lake or meet friends at the clubhouse! Large bedroom suites up and down. Upstairs suite has large balcony and walk-in closets with separate tub and shower. Rare extended length, temperature controlled RV Garage for a boat, Razor or trailered toys. (Not motorhome height) Unique garage could allow more than 3 autos.

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/!


$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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