Realtors including myself say that we have “low inventory”, but it’s not because fewer sellers are listing – it’s because the heavy demand is gobbling them up faster, and at higher prices:

NSDCC Listings and Sales between Jan 1 and May 15

The sales amounted to only a quarter of the total listings in 2009, and this year they are half!

We know that the higher-end market is sluggish at best (there are 713 active listings over $1M). Here’s a look at the UNDER-$1,000,000 markets:

NSDCC UNDER-$1,000,000 – Actives and Pendings/Contingents

On the street, it feels like the frenzy is slowing.  But until the ACT/PEND ratios get closer to a more normal 2:1 (or at least 1:1), the UNDER-$1,000,000 market will continue to be very competitive.

The lowball season usually starts in June, but there are only 23 active listings under $1,000,000 that have been listed for more than 60 days (out of 184)!