Is now a good time to sell in Ann Arbor?

{ "answer": "Selling a home in Ann Arbor right now might be more challenging than it was previously, as prices have been dropping. The number of homes for sale has also gone up, meaning more competition. The median listing price in Ann Arbor is currently $465,000. This is down 5.4% from the previous month and 7.2% compared to last year. The average listing price also shows a similar trend, sitting at $619,927, which is 4.6% lower than last year. More homes are on the market compared to last year, with active listings up 22.6% to 889 homes. While the number of new homes coming up for sale hasn't changed much, the increased overall supply means more choices for buyers. Homes are selling slightly faster than last year, with the median time on market at 39 days. However, nearly one in five homes (18.4%) has had a price reduction, which is a bit higher than last year. The pending ratio is 0.52, which means there are about half as many pending sales as active listings. This ratio is 11.8% lower than last year, suggesting fewer homes are going under contract relative to the available supply. If you're thinking of selling, be aware that prices have softened, and there's more competition from other homes on the market." }