That timeline seems about right...Or could be as short as 3-4 wks. Read somewhere(another forum) that all dealers have monthly allocation of the X5s from BMW USA. So if a dealer has not sold his monthly allocation, it will take shorter time while if u go with a dealer that has already sold his monthly allocations it would take longer...Not sure if this applies to X5Ms too. Then add the amount of time it would take to make it from the factory to dealer through distribution. Obviously if you are in the west coast it will take longer to get there....
When I put the order in my dealer found a car that was in "status 5"? Not sure what that was. He said something like: the car was allocated to a dealer but they did not want it anymore. Anyways it went into production 2 weeks after I ordered and should be at the dealer today

. Total process took less than 4 weeks.
He said something like if he had not found that car, it would have taken couple of mnths to build it.
Good luck.