It's considered a SELLERS market when the housing supply is below 5-6 months (meaning that at the current rate of sales per month, it would take 5-6 months to sell all the existing inventory). There's more buyers, but fewer homes on the market).
When housing supply rises above 5-6 months, it's considered a BUYERS market. (There's fewer buyers and more houses on the market.)
As this graphic demonstrates, the distinction is critical.
What kind of market is your area experiencing? Your agent can determine the current housing supply in your area by analyzing the statistics in your local Multiple Listing Service (MLS).