The statistics on February 2009 market activity have just been released by the Calgary Real Estate Board and will soon be available on the public portion of www.CREB.com.

There are some significant changes since last month that I'd like to highlight. The first is the supply/demand (absorption rate) situation. At the pace of sales in January there were 7.35 months of supply in the single family market and 8.55 months in the condo market. Based on the pace of sales in February the situation has changed substantially, there are now just 5.28 months of supply on the single family market and 6.02 in the condo market. This is still a buyers' market, but looking at the chart below indicates which direction we're moving.

Second, price. For both the condo and single family markets the price changes from January to February were minimal (+/- less than 1%).  In January the average sale price of a single family home was $413,049. In February that number increased to $415,568. For condominiums the price in January was $270,940 and in February it declined to $268,971.