Here are the latest high-level overview stats for the Gilbert real estate market. Note our listing service reports the average NOT the median as you'll often see in the mainstream press (particularly for sale price). Actually it's the arithmetic mean, but most folks call that the average…
Average/mean and median are not the same statistic. Here is a simplified explaination of the difference between mean and median. Don't read the whole thing or you'll want to slit your wrists, the first few sections will suffice. In a nutshell, the mean is more effected by outlier data than the median.
Given the large number and range of data points, reporting either the mean or median for a data set such as this is statistically acceptable. But you can't compare the two directly as they will be different–albeit only slightly in this case.
And you've been fed your stats lesson for the day. Dr. Edmondson would be proud.
Edited to add glaring ommission:
Total active listings (Gilbert, single-family homes only) = 2,741
Total sales: (Gilbert, SFH only Aug 18 – Sept 18) = 215
Absorption Rate (Months) = 12.75
I'm going to try to do this more regularly, which will allow me to put some trend charts together. Of course, I could just send you to John Wake, but what's the fun in that? 🙂
And for the love of Pete, and Jonathan Dalton's sanity, please don't put a lot of stock in the Days on Market (DOM) number. DOM is influenced by way too many factors to make reasonable assumptions about how/why it changes.
Data extracted from the Arizona Regional Multiple Listing Service (ARMLS) and is deemed reliable but not guaranteed.
[tags]Gilbert real estate, Gilbert listing and sales stats[/tags]