Buyers are Buying Faster Than Sellers Are Listing

As of February 29th, the percentage of unsold MLS inventory that is under contract jumped by a third overall, as shown by the following chart.  What's interesting to me is that the number of unsold homes on the MLS was up by 500 listings over January, but the number of active listings was down by about 400!  This means that while sellers are jumping into the market, buyers are buying even faster.  This is a hot market!

It should be noted, however, that the buying spree is much stronger in the lower price ranges, as shown by this chart: