In the first four months of this year, the market was a bit lethargic with more new listings and fewer sales than in 2015.
The trend was reversed in May, with fewer new listings but more sales, YoY!
All it means is that more participants were able to agree on price for a stretch.
I don’t think buyers are intimidated by the lack of inventory any more – they’ve learned to live with it, and are willing to be patient. But they have their eye on the calendar too, so there could be a flurry of activity in June as families want to get in and get settled before school starts again.