Which situation most likely indicates a buyer's market?

A buyer's market is characterized by low demand and high inventory, which gives buyers more negotiating power and often results in lower prices. When there are more properties available than there are buyers, sellers may have to lower their prices or offer incentives to attract potential buyers. This situation typically allows buyers to be more selective, as they have a larger number of options from which to choose.

In contrast, high demand and low inventory would create a seller's market, where buyers face competition and prices may rise as a result. Steady prices and low interest rates can benefit both buyers and sellers but do not specifically indicate whether it is a buyer's or seller's market. Lastly, many buyers competing for a few properties highlights a competitive market environment, further implying that it is a seller's market rather than a buyer's market. The presence of low demand alongside high inventory distinctly signifies the conditions of a buyer's market.