Its a sellers market

The Kansas City Star reported this week that there was a 3.5 month supply of homes for sale in Kansas City, Missouri.? This makes the current market a very strong sellers market.? A 6 month supply of homes is considered a balanced market and anything more than a 6 month supply is considered a buyers market.? Evidently everyone in my subdivison must have read the article because it seems like every other home in my subdivision went up for sale last week and the list price of the homes listed seems very high.? Of course there is a difference between asking price and sales price and I intend to follow these listings over the next several months to see 1. how fast they go under contract 2. the percentage of list price to sale price.