Can you define a buyer's market?

I am often asked about the Paradise real estate market conditions and whether I feel we are currently in a buyer's market. I have to tell you, this is not an easy question to answer. Reason being, you will find little consistency when asking real estate professionals and financial experts the true definition of a buyer's market.

Some of the definitions out there,

1) The average days on market in a typical market are 180 days for most real estate markets. If the average days of available housing inventory falls above that then the market is in favor of the buyer. If the average days fall below 180 days then the market is in favor of the seller. The days on market is relative the amount of inventory that is available.

2) If there is more real estate inventory available than buyers then we are in a buyer's market.

3) If average home prices are declining than we are in a buyer's market.

I've included some Paradise real estate statistics for January through April of 2008 and January through April of 2007. Based upon the definitions and the statistics, what do you think? In your opinion, is the Paradise real estate market in favor of the buyer?

Paradise Manufactured Home Sales, January - April

Paradise Single Family Home Sales, January - April