If you're using XL2007+ you should use the AVERAGEIFS approach and add an IFERROR handler.
If you're using with versions prior to XL2007 then the most appropriate handler will depend on the values being returned - if for ex. you know the Average (where an Avg exist) will always exceed 0 you could avoid double evaluation with:
and then apply a Custom Format (if nec.) to mask the 0 output as and when it occurs.
Generally speaking it's always a good idea to avoid double evaluation of "expensive" formulae
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