I am constantly asked, "Is it a Buyer's market? or a Seller's market?"

We are in a unique situation right now so I can honestly answer, BOTH!

Some areas are in high demand and have low inventory. That is the definition of a Seller's market. An article in the LA Times explains how low supply is causing "fierce competition" in high demand areas. This is great news for sellers. If you have a home in the right place, and list for the right price, you could have a bidding war on your property. With higher competition, sellers can get top dollar for their home. Based on recent statistics these Hot Spots are a "seller's market".
 
Hot Spots to Sell (sellers market)
 
#1 - Saratoga Springs (84045)  $350K - $400K
Your chance of selling?     Homes for Sale
 
#2 - Salt Lake