Inventory levels drop to 45 month low (at least)

Each month inventory levels drop at the beginning of the month -- as quite a few listings expired on the last day of the prior month.  So it's possible that today's incredibly low inventory levels (744 properties) will climb back up by a bit over the next few days.

However, as things stand now, these are the lowest inventory levels we've seen in almost four years.  It's actually probably quite a few more months than that, but I have only been tracking inventory levels for the past 45 months. 

What does this mean?  Hope for further balance in the local housing market -- as the number of hopeful seller decreases, and the number of actual buyers increases, we'll return to a more balance market.