My opinion right now is that, while it has definitely been a buyers market for the recent past, the tides are changing in my area. Inventory is way down and I have quite a few buyers who really can't find offerings in their price range. When they do hit the market, I'm seeing more and more 'bidding' wars.
Now, even at that prices are certainly still low. It is my personal opinion that this is the reason inventory is still so low. Sellers, unless they need to, seem to be a bit unwilling to to list their home at today's prices. Again, just a personal opinion :-).