Ritu Desai- Fairfax/Loudoun County Realtor in Northern Virginia

Lately I have seen more and more multiple contracts. Before preview I call the listings agents to check on the status and most of the bank owned I get the response we already have 5-6 contracts. Does that mean we have reach the rock bottom? Or wait a minute we still have inventory for upto 6 months. Speaking to my other Realtor friends in the area ...