If last year is any indication, get ready to see inventory levels falling over the next few months as the weather gets colder.

Inventory levels have fallen 18% over the past year -- and 39% over the past two years -- and we're about to head into the time of year (Fall to Winter) when inventory levels drop to their lowest levels.

As shown above, inventory levels fell 32% last year between the end of August and the end of January.  As such -- look at the meager supply of homes currently on the market -- and then eliminate 1 out of every 3 of those homes.  That's likely where we're headed over the next few months.

But here's the good news (sorta, kinda, with limitations) -- if you are thinking of selling your home in the next few months, you may have quite a few buyers angling to purchase it if it aligns well with what they are looking for in a home.  The sorta/kinda part is that you'll only be good shape if you don't have to buy as well.  After all, if we quickly sell your home (because of low inventory levels), but can't find something for you to buy (because of low inventory levels), then we still have problems.

Who is the indisputable winner in today's local housing market? 

The home seller who does not have to buy a home as well.  :-)