Volcano observatories provide near real-time information and, ultimately, forecasts about volcano activity. For this reason, multiple physical and chemical parameters are continuously monitored. Here, we present a new method to efficiently estimate the location and evolution of magmatic sources based on a stream of real-time surface deformation data, such as High-Rate GPS, and a free-geometry magmatic source model. The tool allows tracking inflation and deflation sources in time, providing estimates of where a volcano might erupt, which is important in understanding an on-going crisis. We show a successful simulated application to the pre-eruptive period of May 2008, at Mount Etna (Italy). The proposed methodology is able to track the fast dynamics of the magma migration by inverting the real-time data within seconds. This general method is suitable for integration in any volcano observatory. The method provides first order unsupervised and realistic estimates of the locations of magmatic sources and of potential eruption sites, information that is especially important for civil protection purposes.