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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This entry was posted on Tuesday, October 14th, 2008 at 4:05 pm and is filed under Highland Park Real Estate(t) , Deerfield Real Estate(t) , Northbrook Real Estate(t) , Lake Bluff Real Estate(t) , Kenilworth Real Estate(t) . You can leave a response.