Apt inventory

Any thoughts on inventory cycles in Manhattan- I am in the market for a condo. I hear this a lot from all the brokers that inventory is extremely low right now. I can see this when I search online and what my search yields now vs. few months ago. These condition also give sellers a reason to raise their asking prices. I have also seen them go up anywhere from 2% to 10% in last couple of months. Prices have surpass the highs made in 2006/07 and have done it swiftly - making a case for a bubble. These days you also hear about foreign cash buyers swooping in as well. Anyway, going back to the question about inventory cycle - are we just at the low point right now? And, is it only temporary and supply will bounce back ?