The Average Homeowner's Equity Increased $53,500 in Northwest Washington County!
I know, I know, you are asking is this for real? The answer is yes it is real, and here are the supporting details to back up this fact. First and foremost the important part of this fact is that the measure of equity increase is from February 2011 to February 2012. It's an exact year average rather than taking averages upon averages.
In February 2011 the Average Sales Price for NW Washington County was $365,700
In February 2012 the Average Sales Price for NW Washington County was $312,400
Difference is $53,300
This is an increase of $53,500 or 14.6% pretty amazing when many areas are still declining, but the truer measure of overall market activity in NW Washington County is when you compare the Rolling Average Sales Price from the previous 12 months to that of the Rolling Average Sales Price from the previous previous 12 months.
A rolling average sales price as it relates to real estate would be the average sales price from March 1, 2011 - February 29, 2012 and then compare that to the rolling average sales price from the previous previous 12 months which would be March 1, 2010 - February 28, 2011. By doing this you would be able to calculate the the Average Sales Price Percent Change. For NW Washington County ending February 2012 the Average Sales Price Percent Change is 0.3%. This would be more accurate because you would account for monthly or local fluctuations such as law changes, as well as, seasonal market fluctuations if it was for a shorter period of time.
Even though it would be accurate to say my home increased in value by 14.6% from last year it would not equate when adding more months of research. However, there were 134 sales in February 2012 in NW Washington County and because the Average Sales Price is so much higher than last year and because the Average Sales Price Percent Change is a positive percent this does tell us that NW Washington County is appreciating, which cannot be said about many of the other areas of Portland.
Click here for the correlating statistics for this incredible isolated statistic in our current unstable market.
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