A supply figure this tight means buyers who have been watching the market for a while are ready to move the moment the right listing appears, so a home priced against current comparable sales, not last year's numbers, tends to draw offers in the first round of showings.
Rising new listings alongside tight supply also means more competing homes could appear soon, so a seller weighing timing has to balance today's tight conditions against a market that may loosen as more sellers list.
The condition of the specific house still decides the outcome more than the citywide numbers do, since a home needing obvious work sells on a slower clock in any market. Get your hand-reviewed valuation from Joel Dyck.