Somerset SW – October 2024

Calgary Real Estate Market Summary – Somerset October 2024

Market Overview:

The real estate market in Somerset remained active in October 2024, with 15 sales, a 17% decline compared to the previous year. New listings stood at 17 units (a 19% drop), while inventory increased by 60%, reaching 24 properties. The months of supply climbed to 1.60, reflecting a market that slightly favors buyers.

The benchmark residential price in Somerset was $491,600, a 7.3% annual increase, indicating steady property value appreciation.

Property Types:

• Detached Homes:
  • Benchmark price: $628,700 (up 16.7% year-over-year).
• Row Houses:
  • Benchmark price: $407,100 (up 13.8% year-over-year).
• Apartments:
  • Benchmark price: $320,800, reflecting an 8.2% increase.

Community Features:

Somerset is a family-oriented neighborhood located in Calgary’s South District, known for its accessibility and amenities. Highlights include:

• Parks and Recreation:
  • The community boasts the Somerset Water Park and playgrounds, popular with families during the summer.
  • Green spaces and walking trails offer excellent opportunities for outdoor activities.
• Transportation:
  • The community is conveniently served by the Somerset-Bridlewood LRT station, providing easy access to downtown and other parts of Calgary.
  • Close proximity to major roadways like Macleod Trail and Stoney Trail.
• Shopping and Dining:
  • Residents enjoy nearby shopping options at Shawnessy Shopping Centre, featuring retail stores, restaurants, and entertainment.

With a mix of affordability, strong appreciation, and abundant amenities, Somerset continues to attract a diverse range of buyers and remains a competitive market in Calgary.