How competitive is the Ann Arbor housing market?

The Ann Arbor housing market shows signs of becoming less competitive right now. While homes are still selling, there are more options available for buyers, and prices have seen recent drops. It's a market where buyers might find more room to negotiate than before. The median listing price in Ann Arbor is currently $465,000. This price has gone down by 5.4% from the previous month and is 7.2% lower than it was at this time last year. This suggests that price expectations are cooling off. There are more homes on the market now, with 889 active listings. This is a noticeable increase of 22.6% compared to last year. More homes for sale generally means buyers have more choices and face less pressure. Homes are selling quickly, with a median of 39 days on the market. This is slightly faster than last year, indicating continued interest from buyers. However, 18.4% of homes have lowered their prices, which is a bit more than last year and shows sellers are adjusting expectations. Right now, for every active listing, about half (0.52) are pending sale. This pending ratio is 11.8% lower than last year, which suggests that fewer homes are going under contract compared to the total available, hinting at less intensity in buying activity. For someone looking to buy, this market offers a bit more breathing room. There are more homes to choose from, and price reductions suggest sellers are open to offers.