Sales of new and resale single-family homes around the North Shore haven’t shown a drastic decline as a result of the plunge in the stock market during the past week. However, the market is starting to see a slight drop in demand for homes in this price range.

According to data taken from the MLS today, a total of 17 single-family homes priced at over $1 million were sold during the first two weeks of October. This is down slightly from the 20 closings seen on million-dollar homes during the first two weeks of September. When compared to the same period in October 2007, the decline in sales is a bit more noticeable. A total of 28 homes were sold for more than $1 million during the first two weeks of October 2007.

The region has also seen a decline in prices during the first two weeks of October. The average sales price of homes sold for more than $1 million was $1,508,529, a 20 percent drop from the same period a year ago. Last October the average sales price topped $1.9 million. The luxury market around the North Shore as well as in downtown Chicago has enjoyed strong sales in the past few months, despite a downturn in demand for more affordable units on the North Shore Real Estate market. However, it seems that even the richest Chicagoans are starting to feel the pinch.

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Sales of new and resale condominiums and lofts slowed during the third quarter around the North Shore. It was the second straight year of declining sales during the third quarter.

According to data from the Chicago Association of Realtors, a total of just 394 condominiums were sold during the third quarter around the North Shore. This represents a more than 27 percent drop in sales from the same period last year, and is a 43 percent drop in sales from the third quarter 2006.

Declining demand led to a jump in the number of unsold condos currently on the market. If you’re planning on selling your condo around the North Shore, it will now take you an average of 171 days to find a buyer, up from 123 days a year ago and just 89 days in 2006. The increase in the inventory of unsold homes combined with falling demand has led to a marked drop in prices.

The average sales price of North Shore Chicago Condos sold during the third quarter fell by 11 percent. The average sales price for the quarter was $303,803, down from $341,932. Buyers could continue to see even lower prices around the region if demand doesn’t increase in the short term.

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The House of Representatives approved a revised bailout bill on Friday that will inject up to $700 billion of taxpayer funds into the financial system. Lawmakers hope to hold off a financial meltdown that has toppled several banks worldwide, including Washington Mutual, the largest bank to fall in the history of the United States.

The bailout gives the government authority to buy up the mortgage-based investments that are distressed from banks to ease the pressure on their books. However, the bailout may not have an immediate effect on homeowners who are facing foreclosure. Sen Obama has promised that if he is elected that he will push for legislation that will protect homeowners facing foreclosures. Both Obama and McCain lobbied heavily for the passage of the bailout bill.

However, for now the bailout is designed to keep more banks from falling and to open up the credit markets which have been virtually paralyzed. The bailout has been heavily criticized by constituents around the country, who have flooded the capital with emails, text messages, and calls, demanding that their representatives vote against the bailout. Homeowners around the North Shore Chicago Real Estate market will have to wait and see if this bailout will have any effect on foreclosures and the availability of credit.

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