"Low inventory" is the big story nationally and here in North-Central Florida, it's no different. We're seeing under 4 months inventory in Gainesville for the lower price points which is making for a very tough market for first-time buyers.
We're seeing the same market conditions in Ocala as well - homes under $200k are flying off the market, leaving very little for buyers to see. As a result, lots of buyers are on the sidelines, waiting for new listings to hit.
I reached out to some friends around the country and it's pretty much the same story. Check out the market in Tucson, AZ - under 6 mos inventory for every price point under $400k! It's similar for the market in Lake Norman, NC, which is a suburb of Charlotte -- roughly 6 mos or less of inventory under $400k. Boy oh boy, that's some high-priced real estate that isn't lasting long on the market.
Even the condo market in Charlotte is tough under $400k. This is pretty crazy considering how badly condos were hurt during the downturn a few years ago.
My advice to sellers is: make hay while the sun shines! If you've got rental property or are on the fence about selling, take those gains! The only real worry right now is if you sell your primary residence, will you find something to BUY?