Corolla Real Estate Sales Update for 2008

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

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