Somerset Real Estate Market Summary – November 2024

Market Trends & Property Types

The Somerset real estate market in November 2024 has shown resilience with steady demand across various property types.

Detached Homes

• Benchmark Price: $621,000 (7.0% YoY increase)

• Sales: 5 properties sold (0% change YoY)

• New Listings: 8 new listings

• Inventory: 7 available properties

• Months of Supply: 1.40 months, indicating a strong sellers' market​.

• Market Trend: Stable demand and increasing prices suggest that detached homes continue to be a premium choice, appealing to families and long-term homeowners.

Semi-Detached Homes

• Benchmark Price: $401,200

• Sales: No recorded sales in November

• New Listings: 0 new listings

• Inventory: 0 properties available

• Market Trend: This segment had limited activity, likely due to low inventory levels and higher demand for detached and row homes​.

Row Homes (Townhouses)

• Benchmark Price: $401,200 (5.6% YoY increase)

• Sales: 1 property sold

• New Listings: 1 new listing

• Inventory: 0 properties available at the end of November

• Months of Supply: 1.18 months, suggesting a competitive market​.

• Market Trend: Townhouses remain an attractive option for first-time buyers and downsizers, benefiting from affordability compared to detached homes.

Apartments (Condos)

• Benchmark Price: $313,900 (17.8% YoY increase)

• Sales: 9 properties sold (80% increase YoY)

• New Listings: 9 new listings

• Inventory: 14 available properties

• Months of Supply: 1.56 months, making it a sellers’ market​.

• Market Trend: The condo market is one of the fastest-growing segments, with increasing demand from investors, young professionals, and retirees. Prices have surged by nearly 18% YoY, making it one of the most profitable segments in 2024.

Overall Market Trends

• Total Residential Benchmark Price: $482,500 (5.6% YoY increase)

• Total Sales: 15 homes sold (+50% YoY)

• New Listings: 17 properties listed

• Months of Supply: 1.40 months, confirming Somerset is a strong sellers' market​.

Key Takeaways

1. Detached Homes are in high demand, with prices continuing to rise.

2. Townhouses & Row Homes remain competitive but had lower inventory in November.

3. Apartments are the hottest segment, showing rapid appreciation and sales activity.

4. The low inventory levels and strong demand suggest prices may continue to rise in early 2025.

Community Features & Amenities

• Schools: Somerset is home to several reputable schools, including Somerset School (K-4) and Bishop O'Byrne High School.

• LRT Transportation: The Somerset-Bridlewood CTrain station provides seamless transit access to downtown and other parts of Calgary.

• Shopping & Dining: The Shawnessy Shopping Centre, located nearby, offers big-box retailers, grocery stores, and dining options.

• YMCA & Recreation: Residents have access to the Shawnessy YMCA, which features a fitness center, swimming pool, and various programs.

• Library: The Shawnessy Public Library is a great resource for families and students.

• Parks & Outdoor Spaces: Somerset features multiple parks, walking trails, and playgrounds, making it an attractive neighborhood for families.

Somerset remains a sought-after community in Calgary due to its strong market performance, affordability in apartments, and excellent access to schools, transit, and amenities. With rising property values and a competitive market, now is a strategic time for buyers and sellers to explore opportunities in this neighborhood.