Market Status Overview

The Allendale housing market shows varied dynamics for different property types as of March 2024. Total residential properties are leaning towards a seller's market with a 31% listing absorption rate, indicating demand is outstripping supply. Detached homes are even more in sellers' favor, with a 42% absorption rate. However, the apartment condominium sector is not experiencing the same activity, displaying a 0% absorption rate, suggesting a potential oversupply or lower demand in this market segment.

Pricing Trends

The benchmark price for both total residential and detached homes is currently standing at $364,750. This price point represents a significant decrease of 20.98% from February 2024, indicating a recent market cooling. However, prices have grown by 7.28% compared to March 2023, showing longer-term market strength.

Inventory and Sales

Active listings and sales data further reveal market conditions. There were 16 total residential listings, out of which 5 were sold in March 2024. Detached homes saw a similar pattern with 12 active listings and 5 completed sales. In contrast, apartment condominiums had 4 active listings without any sales, highlighting a stark difference in market activity.

Days on Market

Properties are moving at a moderate pace, with the average number of days on market for residential and detached properties being 28 days. This timeframe indicates a relatively stable demand where properties are neither languishing nor being sold instantly.

Expert Real Estate Guidance in Allendale

If you're considering buying or selling a home in Edmonton's dynamic real estate market, particularly in Allendale, expert guidance can be invaluable. The Gurpreet Ghatehora Real Estate Team at RE/MAX RIVER CITY, serving Edmonton and the surrounding area since 2007, provides that expertise. Recognized among the top 100 agents in Canada from 2021-2023 by Rankmyagent, the team has a proven track record of navigating market fluctuations to their clients' advantage.

Take the Next Step with a Trusted Partner

Whether you're a first-time buyer, looking to sell your property, or seeking investment opportunities, the Gurpreet Ghatehora Real Estate Team is equipped to help you make informed decisions. With their extensive experience and commitment to excellence, they can provide personalized service tailored to your unique needs.

Call today at 780-951-6530 or visit Edmontonhomesonsale.com to start your real estate journey with confidence.