As we settle into the fall and winter months, it is evident that the same issue lingers; lack of inventory. While this is not true in all areas or price ranges, generally speaking the shortage of listings is going to get worse before it gets better. It will get better in the spring, when we typically see a large influx of new listings.
With interest rates low, but sure to go up, buyers are still out in full force. Meanwhile, with the Holiday season around the corner, fewer home owners are likely to list. Currently there is a 3.2 months supply of listings on the market, a 25.6 percent decline from October 2014! A balanced market is believed to be between 5 to 6 months supply. Like most I avoid cliches, but in this case a picture is worth 1000 words. See the graphic below which helps illustrate the shrinking inventory picture: