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Home sales drop, but prices stay constant, in Massachusetts

From WCVB-TV, Channel 5:

Quarterly home sales are down in a widespread area of Massachusetts, but prices are only down slightly.

[In fact, prices have dropped only 1.3%, according to the Massachusetts Association of Realtors.]

… in the Boston area, home sales are down 4.6 percent, sales in the northeast are down nearly 14 percent, central Massachusetts sales are down almost 16 percent and on the Cape, sales are down almost 19 percent.

Some sellers are becoming more and more frustrated with the real estate market.

After some serious renovations to his house last year, Bill Valentine put his antique Walpole home up for sale, but has had few visitors and fewer offers.

“We dropped the price $30,000 recently,” Valentine said.

Realtor David Wluka said that last week’s lookers liked the house, but their offer wasn’t within spitting range of Valentine’s asking price of $569,000.

“The buyers are ready. The sellers have yet to come to terms with the shift in prices, and when the prices adjust themselves a little bit more, buyers will come back out in the market,” Wluka said.

Source: Sellers Frustrated With Real Estate Market - WCVB-TV