Greg Cremia

The Corolla real estate market continues on it's downward slide. Although the number of sales has leveled off the prices are still falling.

It doesn't help when the lenders label an area as "declining" and make it harder to get a loan there than it does for borrowers just on the other side of the county line. And now the banks are dumping their foreclosures at stupidly low prices which just hurts the market even more.

If you are in the market for an Outer Banks foreclosure you can steal a property but be sure you have done your homework and are ready to move quickly because they are selling fast.

There are still plenty deals available but who knows how much longer before the high prices become the norm again. The statistics below are from the Outer Banks Association of REALTORS.

Corolla Real Estate Sold Statistics (Ocean Side)

• 2008 saw 69 residential units sell with a median price of $700,000 and an average price of $874,414
• 2007 saw 67 residential units sell with a median price of $695,000 and an average price of $966,007
• 2006 saw 89 residential properties sell for a median price of $775,000 and an average price of $1,035,958
• 2005 saw 229 residential properties sell for a median price of $829,900 and an average price of $1,004,987
• 2004 saw 276 residential properties sell for a median price of $732,000 and an average price of $875,081
• 2003 saw 240 residential properties sell for a median price of $604,375 and an average price of $760,844

Corolla Real Estate Sold Statistics (Westside)

• 2008 saw 37 residential units sell with a median price of $522,000 and an average price of $564,268
• 2007 saw 39 residential units sell with a median price of $565,000 and an average price of $657,471
• 2006 saw 31 residential properties sell for a median price of $640,000 and an average price of $638,873
• 2005 saw 71 residential properties sell for a median price of $653,000 and an average price of $712,294
• 2004 saw 114 residential properties sell for a median price of $513,750 and an average price of $558,133
• 2003 saw 97 residential properties sell for a median price of $375,000 and an average price of $403,182

Helping people buy and sell Outer Banks Real Estate.

While the overall number of Kill Devil Hills real estate sales are still down below the historic highs of the boom years, the prices in most areas of Kill Devil Hills have started to make a rebound.

The median prices for properties located between the roads in Kill Devil Hills is now higher than it was in 2003 and the average price is also at the 2003 levels.

Likewise the median price for a residential property located on the west side of Kill Devil Hills is higher than it was in 2003, which was a banner year and the average price is almost where it was in 2004.

The median price for a Kill Devil Hills oceanfront property is now higher than it ever was.

There are still deals available but who knows how much longer before the high prices become the norm again. The statistics below are from the Outer Banks Association of REALTORS.

While the overall number of Nags Head residential property sales is still down below the historic highs of the boom years, the prices in most areas of Nags Head have started to make a rebound.

The median prices for properties located between the roads in Nags Head is now higher than it was in 2005 and the average price is back at 2004 levels.

Likewise the median price for a residential property located on the west side of Nags Head is higher than it was in 2004, which was a banner year and the average price is almost where it was in 2005.

The Nags Head oceanfront continues to suffer both in sales volume and in price. Part of the problem has to do with the expense of the high end loans and part of the problem is the ongoing debate over beach nourishment. All of the publicity surrounding beach nourishment is scaring buyers away from some of the best beaches available.

There are still deals available but who knows how much longer before the high prices become the norm again. The statistics below are from the Outer Banks Association of REALTORS.

Nags Head Real Estate Sold Statistics (Between the Roads)

2008 saw 28 residential properties sell for a median price of $607,500 and an average price of $582,175

2007 saw 33 residential properties sell for a median price of $475,000 and an average price of $499,212

2006 saw 34 residential properties sell for a median price of $657,000 and an average price of $626,528

2005 saw 65 residential properties sell for a median price of $599,000 and an average price of $602,743

2004 saw 75 residential properties sell for a median price of $599,500 and an average price of $583,581

2003 saw 54 residential properties sell for a median price of $534,500 and an average price of $480,575

Nags Head Real Estate Sold Statistics (West side)

2008 saw 44 residential properties sell for a median price of $329,000 and an average price of $395,166

2007 saw 68 residential properties sell for a median price of $348,500 and an average price of $401,478

2006 saw 53 residential properties sell for a median price of $379,000 and an average price of $409,879

2005 saw 68 residential properties sell for a median price of $394,500 and an average price of $440,659

2004 saw 105 residential properties sell for a median price of $320,000 and an average price of $369,503

2003 saw 99 residential properties sell for a median price of $260,000 and an average price of $312,129

Nags Head Real Estate Sold Statistics (Ocean Side)

2008 saw 15 residential properties sell for a median price of $515,000 and an average price of $480,933

2007 saw 22 residential properties sell for a median price of $1,060,000 and an average price of $990,522

2006 saw 14 residential properties sell for a median price of $565,000 and an average price of $804,914

2005 saw 35 residential properties sell for a median price of $947,500 and an average price of $1,016,971

2004 saw 43 residential properties sell for a median price of $839,000 and an average price of $924,675

2003 saw 38 residential properties sell for a median price of $606,250 and an average price of $697,641

Helping people buy and sell Outer Banks Real Estate.

Real estate sales in Duck continue to lag behind the glory days of the boom time. However, the prices continue to hover around the same level as in the boom years of 2003 and 2004. For sellers, there is hope to sell your house if you have the ability to price it accordingly. Prices have rolled back to around the 2003 mark, so those who bought before this time should have enough equity to complete a transaction.

Duck Residential Real Estate Sold Statistics Oceanside

From the Outer Banks Association of REALTORS

• 2008 saw 53 residential properties sell for a median price of $660,000 and an average price of $799,319
• 2007 saw 59 residential properties sell for a median price of $715,000 and an average price of $838,953
• 2006 saw 72 residential properties sell for a median price of $587,500 and an average price of $700,206
• 2005 saw 129 residential properties sell for a median price of $690,000 and an average price of $890,558
• 2004 saw 162 residential properties sell for a median price of $670,000 and an average price of $768,278
• 2003 saw 140 residential properties sell for a median price of $525,000 and an average price of $597,412

Duck Residential Real Estate Sold Statistics West-side

From the Outer Banks Association of REALTORS

• 2008 saw 15 residential properties sell for a median price of $524,900 and an average price of $713,125
• 2007 saw 12 residential properties sell for a median price of $490,000 and an average price of $825,000
• 2006 saw 13 residential properties sell for a median price of $451,500 and an average price of $572,281
• 2005 saw 21 residential properties sell for a median price of $678,030 and an average price of $627,025
• 2004 saw 36 residential properties sell for a median price of $539,950 and an average price of $620,456
• 2003 saw 22 residential properties sell for a median price of $532,500 and an average price of $569,856

Helping people buy and sell Outer Banks Real Estate.

The Outer Banks real estate market is feeling the pinch of the economy along with everybody else and we are seeing foreclosures show up here and there. The down fall has not been as dramatic here as it has been in some other parts of the country but Outer Banks real estate prices have fallen to 2003 levels and lower.

The advantage of having solid summer rental income and an affluent clientle has helped the real estate market on the Outer Banks weather the storm fairly intact. Still, foreclosures are here and there are deals available for those brave souls willing to ignore the media's doom and gloom picture.

The interest rates have never been better and there are loans available. Don't believe all of the stories about the banks not lending money. If your credit is good and you can afford the downpayment and monthly mortgage payments then there are home loans available with low interest rates.

To help follow what is going on with Outer Banks foreclosures and short sales I have compiled some information outlining some of the peculiarities when dealing with foreclosures and bank owned real estate. You will also find a list of Outer Banks foreclosures currently on the market. Buying foreclosed houses is not hard as long as you know what to watch out for and you can't beat the deals.