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
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.
KILL DEVIL HILLS REAL ESTATE SALES UPDATE
Kill Devil Hills Westside Residential
2008 saw 116 units sell with a median price of $235,000 and an average price of $246,318
2007 saw 144 units sell with a median price of $257,866 and an average price of $277,066
2006 saw 165 units sell with a median price of $290,000 and an average price of $311,693
2005 saw 230 units sell with a median price of $270,000 and an average price of $289,889
2004 saw 241 units sell with a median price of $240,000 and an average price of $255,442
2003 saw 180 units sell with a median price of $197,500 and an average price of $207,041
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
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
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.
This list contains some of the Hatteras Island real estate and property that was sold during the month of November 2007 as recorded with Dare County Land Transfer Tax Office.
District: 01 Year: 2007 Date: 11/14/2007 Number: 4520-07 DeedDate: 11/14/2007 Book/Page: 1749 \ 147 Sale Price: 35000 TaxAmt: 350 Seller: YOUNCE DAISY T Buyer: YOUNCE EARL S JR Parcel: 027815011 Lot: Code: FD MAP No: Description: 11 EARL YOUNCE
District: 01 Year: 2007 Date: 11/20/2007 Number: 4598-07 DeedDate: 11/20/2007 Book/Page: 1749 \ 476 Sale Price: 0 TaxAmt: 0 Seller: VELKFOFF LAWRENCE E TUX Buyer: JONES DEBRA VELKOFF ET AL Parcel: 013592000 Lot: Code: GT MAP No: Description: 49 HATTERAS COLONY SEC 2
District: 01 Year: 2007 Date: 11/20/2007 Number: 4597-07 DeedDate: 11/20/2007 Book/Page: 1749 \ 477 Sale Price: 1400000 TaxAmt: 14000 Seller: O'NEAL PATRICIA M ET ALS Buyer: I G HOLDINGS LLC Parcel: 029801000 Lot: Code: VC MAP No: Description: 40494 HWY 12
District: 01 Year: 2007 Date: 11/26/2007 Number: 4652-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 183 Sale Price: 0 TaxAmt: 0 Seller: QUINN JOHN Buyer: CAPE HATTERAS ELECTRIC Parcel: Lot: Code: ES MAP No: Description:
District: 01 Year: 2007 Date: 11/26/2007 Number: 4651-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 182 Sale Price: 0 TaxAmt: 0 Seller: JEFF W SODEN INC Buyer: CAPE HATTERAS ELECTRIC Parcel: Lot: Code: ES MAP No: Description:
District: 01 Year: 2007 Date: 11/26/2007 Number: 4650-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 181 Sale Price: 0 TaxAmt: 0 Seller: JEFF W SODEN INC Buyer: CAPE HATTERAS ELECTRIC Parcel: Lot: Code: ES MAP No: Description:
District: 01 Year: 2007 Date: 11/26/2007 Number: 4632-07 DeedDate: 11/26/2007 Book/Page: 1750 \ 74 Sale Price: 0 TaxAmt: 0 Seller: FITZGERALD TIMOTHY M ET UX Buyer: FITZGERALS TIMOTHY MICHAEL ET Parcel: 013579000 Lot: Code: GT MAP No: Description: 35 HATTERAS COLONY SEC 2
District: 01 Year: 2007 Date: 11/27/2007 Number: 4661-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 192 Sale Price: 0 TaxAmt: 0 Seller: GASKINS WARREN JR Buyer: CAPE HATTERAS ELECTRIC Parcel: Lot: Code: ES MAP No: Description:
District: 01 Year: 2007 Date: 11/27/2007 Number: 4660-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 191 Sale Price: 0 TaxAmt: 0 Seller: HAYES JEFFREY ET AL Buyer: CAPE HATTERAS ELECTRIC Parcel: Lot: Code: ES MAP No: Description:
District: 01 Year: 2007 Date: 11/27/2007 Number: 4687-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 226 Sale Price: 0 TaxAmt: 0 Seller: TESTRAKE JAMES H ET UX Buyer: TESTRAKE JAMES HERBERT ET AL T Parcel: 014745000 Lot: Code: TA MAP No: Description: 3 WINDWARD ISLE
District: 01 Year: 2007 Date: 11/29/2007 Number: 4723-07 DeedDate: 11/29/2007 Book/Page: 1750 \ 327 Sale Price: 0 TaxAmt: 0 Seller: KURENT MELINDA DOWDY Buyer: KURENT EDWARD A Parcel: 014480000 Lot: Code: DA MAP No: Description: KURENT AVON PROPERTY
District: 01 Year: 2007 Date: 11/30/2007 Number: 4740-07 DeedDate: 11/30/2007 Book/Page: 1750 \ 406 Sale Price: 0 TaxAmt: 0 Seller: KINNAIRD RICHARD F JR Buyer: DINNAIRD RICHARD F JR ET UX Parcel: 014439000 Lot: Code: GT MAP No: Description: 3 MILLER DIVISION
District: 01 Year: 2007 Date: 11/6/2007 Number: 4440-07 DeedDate: 11/6/2007 Book/Page: 1748 \ 267 Sale Price: 0 TaxAmt: 0 Seller: MARX BRADFORD J ET UX Buyer: DAILY JOHN H ET UX Parcel: 013648000 Lot: Code: BA MAP No: Description: BOUNDARY LINE AGREEMENT
Buxton
District: 02 Year: 2007 Date: 11/16/2007 Number: 4556-07 DeedDate: 11/16/2007 Book/Page: 1749 \ 218 Sale Price: 0 TaxAmt: 0 Seller: MIDGETTE HERMOND LEWIS SR ETUX Buyer: MIDGETTE ROBERT WECTOR ET UX Parcel: Lot: Code: GT MAP No: Description: 2 WM E MIDGETT
This list contains some of the Manteo real estate and property that was sold during the month of November 2007 as recorded with Dare County Land Transfer Tax Office. In the Manteo town limits and outside the town limits.
District: 21 Year: 2007 Date: 11/1/2007 Number: 4379-07 DeedDate: 11/1/2007 Book/Page: 1748 \ 54 Sale Price: 50000 TaxAmt: 500 Seller: RUNKLE STEPHEN N ET UX Buyer: GRASS MALCOLM P Parcel: Lot: Code: CO MAP No: Description: 34 SHIPSWATCH
District: 21 Year: 2007 Date: 11/1/2007 Number: 4380-07 DeedDate: 11/1/2007 Book/Page: 1748 \ 53 Sale Price: 60000 TaxAmt: 600 Seller: DANIELS JEAN G Buyer: GREENE JOSEPH A ET ALS Parcel: Lot: Code: CO MAP No: Description: 36 SHIPSWATCH
District: 21 Year: 2007 Date: 11/1/2007 Number: 4381-07 DeedDate: 11/1/2007 Book/Page: 1748 \ 55 Sale Price: 52500 TaxAmt: 525 Seller: BOGGS PARKER T ET AL CO TRUSTE Buyer: WILDT TIMOTHY E ET UX Parcel: Lot: Code: CO MAP No: Description: 44 SHIPSWATCH
District: 21 Year: 2007 Date: 11/1/2007 Number: 4374-07 DeedDate: 11/1/2007 Book/Page: 1748 \ 46 Sale Price: 0 TaxAmt: 0 Seller: BARRIER ISLAND STATION INC Buyer: KATZ ALVIN ET ALS Parcel: Lot: Code: CD MAP No: Description: 418/47 BISI
District: 21 Year: 2007 Date: 11/1/2007 Number: 4393-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 124 Sale Price: 6500 TaxAmt: 65 Seller: MALLIPUDI SAM ET UX Buyer: LYONS ELIZABETH ROSE TRUSTEE Parcel: Lot: Code: TS MAP No: Description: 309/36 BISI
District: 21 Year: 2007 Date: 11/13/2007 Number: 4511-07 DeedDate: 11/14/2007 Book/Page: 1749 \ 157 Sale Price: 0 TaxAmt: 0 Seller: TTC HOLDINGS LLC Buyer: MULLER SHEREEE T ET AL Parcel: Lot: Code: GT MAP No: Description: 317/46 BISI
District: 21 Year: 2007 Date: 11/13/2007 Number: 4488-07 DeedDate: 11/13/2007 Book/Page: 1749 \ 3 Sale Price: 9200 TaxAmt: 92 Seller: THOMAS DARIN E E TUX Buyer: BARRIER ISLAND STATION INC Parcel: Lot: Code: TS MAP No: Description: A4/07 OCEAN PINES
District: 21 Year: 2007 Date: 11/13/2007 Number: 4490-07 DeedDate: 11/13/2007 Book/Page: 1749 \ 4 Sale Price: 5514 TaxAmt: 55.14 Seller: BARRIER ISLAND STATION INC Buyer: ALLEN MARK Parcel: Lot: Code: TS MAP No: Description: B2/5 OCEAN PINES
This list contains some of the Southern Shores real estate sales during the month of November 2007 as recorded with Dare County Land Transfer Tax Office.
District: 20 Year: 2007 Date: 11/1/2007 Number: 4373-07 DeedDate: 11/5/2007 Book/Page: 1748 \ 205 Sale Price: 667500 TaxAmt: 6675 Seller: PUTZ CAROL J ET VIR Buyer: HORNER EDWARD J Parcel: 021687000 Lot: Code: VR MAP No: Description: 4 SO/SHO BLK 122
District: 20 Year: 2007 Date: 11/13/2007 Number: 4503-07 DeedDate: 11/14/2007 Book/Page: 1749 \ 136 Sale Price: 0 TaxAmt: 0 Seller: OLIVER ROBERT SPENCER ET UX Buyer: OLIVER R SPENCER TRUSTEE Parcel: 018190000 Lot: Code: SE MAP No: Description: 370 CHICHAHAUK 029114000
District: 20 Year: 2007 Date: 11/15/2007 Number: 4549-07 DeedDate: 11/15/2007 Book/Page: 1749 \ 200 Sale Price: 0 TaxAmt: 0 Seller: CHICAHAUK PROPERTY OWNERS ASSO Buyer: COUNTY OF DARE Parcel: Lot: Code: ES
District: 20 Year: 2007 Date: 11/19/2007 Number: 4584-07 DeedDate: 11/19/2007 Book/Page: 1749 \ 342 Sale Price: 0 TaxAmt: 0 Seller: STAFFORD ANN RAMEY ET VIR Buyer: STAFFORD JACOB ALPHEUS ET UX Parcel: 022280000 Lot: Code: GT MAP No: Description: 25 SO/SHO BLK 106
District: 20 Year: 2007 Date: 11/2/2007 Number: 4410-07 DeedDate: 11/2/2007 Book/Page: 1748 \ 151 Sale Price: 385000 TaxAmt: 3850 Seller: AURORA LOAN SERVICES LLC Buyer: LEADMON JOHN T ET AL Parcel: 022509000 Lot: Code: IR MAP No: Description: 431 CHICAHAUK S/D
District: 20 Year: 2007 Date: 11/21/2007 Number: 4613-07 DeedDate: 11/30/2007 Book/Page: 150 \ 368 Sale Price: 520000 TaxAmt: 5200 Seller: MCNEAL JACK F SR ET UX Buyer: GAINEY PETER O ET UX Parcel: 022356012 Lot: Code: IR MAP No: Description: 12 SO/SHO BLK 119
District: 20 Year: 2007 Date: 11/26/2007 Number: 4620-07 DeedDate: 12/14/2007 Book/Page: 1752 \ 69 Sale Price: 555000 TaxAmt: 5550 Seller: MCNAMARA TIMOTHY ET UX Buyer: FELTZ TODD A ET UX Parcel: 022357023 Lot: Code: IR MAP No: Description: 21 SO/SHO BLK 227B
District: 20 Year: 2007 Date: 11/27/2007 Number: 4692-07 DeedDate: 11/27/2007 Book/Page: 1750 \ 219 Sale Price: 0 TaxAmt: 0 Seller: MORRISON, ONEAL VINCENT AND WI Buyer: MORRISON ONEAL VINCENT AND WIL Parcel: 022521000 Lot: Code: SE MAP No: Description: LOT C SO/SHO OFFICE ASSO
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