Are these signs of recovery in Alameda CA real estate: Sellers' or Buyers' Market?

ALAMEDA

A picture says a thousand words.

These charts compare the market activities for a two-year period from September 2007 to end of September 2009.

• One of the key indicators we look at to determine whether it's a buyer's or a seller's market is the inventory of homes for sale. If there are few properties on the market (low inventory), it signals a potential seller's market. As of September 2009, it appears we have just a little over a month's worth of inventory before the properties are sold.

• Number of homes sold (unit sales) appears to pick up. For example, there were only 18 homes sold in September 2007, same number in September 2008, but it increased to 32 sales in September 2009. This report says that's an increase of 78% comparing Sept 07 to Sept 09.

• But median prices are still comparatively low, from the low $700k in Sept 2007, to the high $500K in Sept 2009 for a decrease of 20%.
  

• Supply and demand chart seems to support the oft-repeated phrase that Alameda is "holding its own" since there doesn't seem to be a drastic change in the market activity although the median price did go through quite a transition.

Could it be that the market is getting back to "normal" as opposed to the "irrational exuberance" and frenzy of the early 2000s?