The folks currently buying in today's market are those that:
a) need to buy due to a relocation, change in life style, etc;
b) want to buy because they see an opportunity.
As for how long it is taking to sell a home/condo, check out my Team's blog for inventory statistics. Depending upon the area you are in and the price point your home is at, determines the number of months it will take an average home to sell. Specifically check out the 2nd Quarter Inventory Reports as they are the most recent.