The inventory is still down for King, Snohomish and Pierce Counties. King County is down 28%, Snohomish is down 34% and Pierce is down 19% for all active residential and condominium listings. There are hot areas for sellers by price range depending on where the Buyers are for the week.
Here is a great video that takes a look at Months of Inventory. It speaks to the definition and looks at some examples in King County for 2011. It will also show you how to determine who has an advantage in the market, Buyers, Sellers, or if it is a Balanced Market.