My sense is that the sales inventory is low, or at least lower than last year. I speculate it is due to decrease in RE prices and uncertainty in other markets -- stock market, bond market. The issue is if in fact another recession will hit us within then next 6-12 months, what will happen to NY RE? Theoretically it should decrease however inflation is slowly hitting us (so RE should go up)

http://www.urbandigs.com/chart.php?s1=Active&s2=Pending+Sales&mindt=06%2F05%2F2011&maxdt=06%2F04%2F2012&t=Market+Trends&interval_mindt=2011%2F06%2F05

yes inventory is low, but no I do not believe its due to a decrease in prices. Real-time deal volume certainly is surging and what I see in the field suggests otherwise?