As of July 2024, the real estate market in Allard is displaying distinct trends across different property types. The overall residential market is characterized by a buyer's market, with a listing absorption rate of 29%, indicating slower sales activity. Detached homes, while still in a buyer's market, show a slightly higher absorption rate of 39%, suggesting they are moving at a somewhat faster pace compared to other property types. On the other hand, the apartment condominium market is struggling the most, with a low absorption rate of 19%, reflecting weaker demand in this segment.

Benchmark prices offer further insight into the market's performance. The average price for all residential properties in Allard stands at $414,455, which is a significant 22.43% drop from the previous month, though it is still 6.24% higher than the same period last year. Detached homes have seen a sharper month-to-month price decline of 29.36%, bringing the benchmark price to $492,185. Despite this monthly drop, detached homes have experienced a strong year-over-year price increase of 29.18%. Conversely, apartment condominiums have faced both short-term and long-term challenges, with their benchmark price decreasing by 13.73% from June 2024 to $233,083 and plummeting by a substantial 43.56% compared to July 2023.

The number of active and sold listings further highlights the market's dynamics. In July 2024, there were 34 active listings and 10 sales for total residential properties, while detached homes had 18 active listings with 7 sales. The apartment condominium market had 16 active listings, but only 3 properties were sold, emphasizing the sluggish pace in this category. The average days on market (ADOM) also reflect this trend, with total residential properties taking 39 days on average to sell, detached homes slightly quicker at 34 days, and apartment condominiums taking the longest at 51 days.

In summary, while the Allard real estate market is generally in a buyer's market phase, detached homes are performing better in terms of price appreciation over the past year, despite recent monthly declines. The apartment condominium segment, however, is experiencing more significant challenges, with both low absorption rates and steep year-over-year price drops, leading to longer times on the market.

If you're considering buying or selling real estate in Edmonton, reach out to Gurpreet Ghatehora, Realtor® at Royal LePage Magna with the Mani Bagga Team, at 780-951-6530. Serving Edmonton and the surrounding area since 2007, Gurpreet has been ranked among the top 100 agents in Canada by RankMyAgent for 2021-2023.

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