After talking to numerous fellow realtors, I have discovered that there is a noticable drop in moderate to low price inventories. We are seeing more new buyers and bidding wars. With the prices dropping and interest rates low, the bent up demand is finally starting to kick in. The only lagging part of the market is the million dollar plus properties that are sitting on the market, but this can be explained by one word "affordable". Just figure if a property sells in the $400,000 area with these low interest rates the payment would be in the $2,000 a month range. A million dollar property loan would have a payment of $5,000 a month.
I'll post more examples as they appear. So stay tuned!