One reason there are fewer homes for sale is that homeowners are staying put.
Some held off on selling because in the wake of the 2007-2009 (great recession) their homes were worth less than they'd paid and they needed to wait for their properties to regain value. Many of my clients are staying put as it is far less expensive than downsizing to a condo with fees attached. Buyers are wanting those homes in those cul-de-sac locations, development areas. Many homeowners of 20 to 25 years in the family home are staying put.
Some home owners are not ready to downsize because they need room for multiple generations within their family.
Often times adult children or aging parents have moved into a family home. Traditionally someone may have downsized, now they're re purposing an entire living level for extended or aging family members. We all adjust to this ever changing market for more information on property values sign up here Local Market Information