Quail Ridge UBCO Real Estate Market News Prices and Trends Q3 2023

Contents Quail Ridge UBCO Real Estate Report Contents

University District Sales Numbers Jan – Sept 2023

Quail Ridge UBCO Single Family Homes Report September 2023

Quail Ridge Condos Report September 2023

Quail Ridge Townhomes Report September 2023

Quail Ridge UBCO Real Estate

This Quail Ridge UBCO Real Estate Kelowna Comprehensive Real Estate Market Report covers the period from January 1, 2023, to September 30, 2023. It is based on MLS® listings & sales shown by the Association of Interior Realtors.

University District Sales Numbers

Jan. 1st, 2023 – Sept. 30, 2023

	Sales Jan-Sep 2023	% Change 2023-2022	Sales Jan-Sep 2022	% Change 2022 to 2021	Sales Jan-Sep 2021
Total *	87	↓ 20.1%	110	↓ 45.3%	201
Single-Family	15	0%	15	↓ 63.4%	41
Condos	46	↓ 41.0%	78	↓ 37.1%	124
Townhomes	25	↑ 56.2%	16	↓ 52.9%	34

* Total Number includes lot sales.

Residential YTD Sales compared to YTD 2022.

Total sales were down 20.1% with single-family homes holding steady, with a more pronounced decrease in Condo sales, while Townhome sales increased.

The increase in Townhome sales can be attributed to the new builds in both Academy Ridge and the Quail Landing townhome complexes.

Quail Ridge UBCO YTD 2023 Summary of Sales Price Ranges

Homes – sales range $866,000- $1,552,380.

Town Home – sales range $550,000 – $1,210,000.

Condos – sales range $299,000 – $622,500.

Quail Ridge UBCO Single-Family Homes

Single Family Home Listings Graph September 2023

The Single Family Home listings started lower this Winter/ Spring, with numbers started to rise as sales started to stall mid-year.

As of today, there are currently 13 listings with a price range is $948,000 to $1,700,000.

Single-Family Home Median Number of Days of the Market

July 2023 34 Days

July 2022 28 days

July 2021 23 days

The last meaningful data was in July 2023.

Average days on the Market for homes continue to trend higher, with the last Single Family Home sale being in July 2023.

Single-Family Home Jan – Mar 2023 Sales Breakdown by Price

4 – under $900,000.

8 – $901,000 to $1.3m range.

3 – over $1.3m.

Quail Ridge UBCO Real Estate Median Home Prices

Jul 2023 – $1,351,190.

Jul 2022 – $1,199,950 up 12.6%.

Jul 2021 – $985,000 up 21.8%.

Quail Ridge UBCO Condos

University District Kelowna Condo Active Listings Sept 2023

Quail Ridge UBCO Condo Listings Graph September 2023

Breakdown of Condo Sales by Complex / Area.

Academy Way Jan – Sept 2023 – 29 2022- 48

Pinnacle Pointe Jan – Sept 2023 – 6 2022 – 13

Sienna Terrace Jan – Sept 2023 – 1 2022 – 0

Pointe at Quail Jan – Sept 2023 – 6 2022 – 13

Borgata Lodge Jan – Sept 2023- 2 2022 – 1

Academy Way

After a period when Condo prices in this area seemed subdued, we saw 3-bedroom condo prices jump back over $600,000 this year.

Price ranges for sales in Jan – Sept 2023 – 3 bedroom unit $540,000 – $622,500, 2 Bedroom unit $420,000 – $520,000, 1 Bedroom $376,500 & Studio $299,000.

Compared to 2022 prices were down slightly, as 3 Bedroom units ranged from $552,500,000 to $645,000 & 2 Bedroom units $440,000 to $570,000.

Pinnacle Pointe

Lower Sales so far in 2023 partially due to a lack of listings, & a small number of units were affected by a fire in the building in 2022.

Price Ranges 2023 2 bedroom & Den units $555,500 -$560,000, 2 Bedrooms $520,000- $530,000 & 1 Bedroom both sold for $390,000.

Compared to 2022 3 Bedrooms $549,000-$550,000 2 Bedrooms $494,000 – $575,000 1 Bedroom $395,000 $460,000.

Prices seem to hold steady for most of the year, however, we have seen list prices slip back a little recently.

The Pointe at Quail

2023 to date sales ranges 2 Bedroom & Den $490,000 – $495,000 & 2 Bedroom units $450,000 – $505, 000, 1 Bedroom – 0 Sold this YTD.

Compared to 2022 2 Bed & Den $500,000 – $574,000, 2 Bedroom $445,000 – $499,000, 1 Bedroom $359,000 -$420,000.

The Complex continues to progress with the Law Suit to recover costs for the major repairs from a few years ago, & progress is being made with the ongoing Insurance Claim, but no actual funds received by Strata yet.

Borgata Lodge

2 sales of One Bedroom units.

Sales Range 2023 Both Sold at $372,500

Compared to 2022 $330,000 – $398,000.

Condo Inventory & Days on Market

Pinnacle Pointe – 3 Listings. 2 Bed & Den $525,000- $569,900

Pointe at Quail – 2 Listings 1 Two-Bedroom $549,900. 1 Two Bedroom & Den unit $538,000.

Borgata Lodge – 1 Listed. Smaller 1 Bed Unit $369,900.

Academy Way, 9 Listings – 0 micro suites, 0 One Bedroom, 3 Two-Bedroom units range $449,000 -$489,900 and 6 Three-Bedroom units – $615,000 0 $633,333..

Median Days for Condos to Sell are up slightly, but I expect that to continue to rise.

September 2023 – 77 Days

September 2022 – 36 Days

Sept 2021 – 24 Days

Median Sale Prices Condos Quail Ridge

YTD 2023 – $490,000 Holding Steady

2022 – $490,000 Up 20.5%

2021 – $406,603

Median Sale Prices Condos Academy Way

2023 – $446,500 Down 14.9 %

2022 – $525,000 up 9.4%

2021 – $480,000

NOTE These Academy Way numbers are skewed as they depend on the number & size of the condo sold in each year.

For reference, Median 3 Bedroom Median sales price YTD 2023: $580,000, 2022: $595,000 2021: $479,900, YTD prices are down approximately 2.5% on last year.

Quail Ridge UBCO Townhomes

Bella Sera – 1795 Country Club Drive

Sales Jan – Sept 2023- 1 unit Price $600,000 Sold August 2023 in 36 days.

Annual 2022 price ranges – $575,000 -$690,000.

The 2022 peak remains the highest-ever sale price for one of these units.

1 Currently for sale – Lower middle unit $599,900 with golf course view. Listing details

Casentino – 1950 Capistrano

There have been 2 sales from Jan – Sept 2023 – $875,000 – $920,000

There were a total of sales in 2022 – $850,180 – $1,089,000

Current Listings 1 – $1,027,000.

Bella Veduta – 1910 Capistrano Drive

Jan – Sept 2023 1 sale of a 2 Storey unit $960,000.

There were 4 units sold in 2022 $920,000 & $1,024,500.

Current Listings – 0.

Fairway Heights – 2455 Quail Ridge Boulevard

Jan – Sept 2023 0 Sales

2 Sales Total in 2022 – $935,000- 960,000

Currently Listed – 0.

Fiore Del Sol

Jan – Sept 2023 3 Sales 2 Two Storey $770,000- $775,000 1 Three Storey – $895,000.

Total Sales 2022 – 2 sales of 2-storey units $815,000- $920,000.

Currently Listings – 1 Two Storey $799,000.

Deerhurst Estates – 3075 Vint Road

Jan – Sept 2023 3 Sales $759,000 – $770,000.

2022 – 1 Sale $860,000.

Currently Listed – 1 Listed $765,000.

Academy Ridge – 610 Academy Way

Jan – Sept 2023 11 Sales $629,900 – $799,900.

Total Sales 2022 – 3 MLS® Sales – $700,000 – $730,000.

10 Currently Listed on MLS® $654,900 – $819,900 3 Bed units various square footage sizes.

NOTE – not all sales may be shown on the MLS® system.

Quail Landing Townhomes – 1979 Country Club Dr

This 24 Townhome development, Quail Landing, is next to the Quail Ridge Golf Course as of October 2023, now nearly complete.

Jan – Mar 2023 – 6 Units Sold. 2 Two Beds $714,190 – $759,000. 2 Three Beds $1,153,900 – $1,210,000

2022 – 1 Sold on MLS® – $740,000.

5 Listed for sale on MLS® – 2 Beds $699,900 – $709,000 3 Beds $999,000 – $1,299,000.

NOTE – not all Listings & sales may be shown on the MLS® system.

3179 Via Centrale New townhomes Proposed

See Future Development link below.

Quail Ridge UBCO Real Estate – Summary of things to watch

1. Inventory – It is possible that inventory will drop off a little as we head into Winter, as some Sellers take their properties off the Market and take a break.

2. Buyers – Quail Ridge Homes, compared to some other areas, represent reasonable value for their size, and their location next to a Golf Course. When trying to decide on a value for an offer make sure you review a comparable market analysis with your Agent, and don’t rely of the City of Kelowna Assessed values. A) These values are as at July 2022, B) Historically, assessed values in Quail Ridge are renowned for being inaccurate, compared to actual market values.

3. Inflation & Interest Rates – The government continues to struggle to bring inflation under control, and there are now further threats of interest rates rising in October 2023. This is likely to continue to dampen the real estate market, and especially where we have seen sales be slower the last few months we may see some downward price pressure.

4. Sellers – late fall and early winter tend to be slower in the Quail Ridge real estate market, especially after the golf course closes for the season at the end of October. It is essential that homes are priced correctly for the market and in the best possible shape. Make sure lights are on for showings and window coverings are open to showcase views.

With Mortgage interest rates remaining at higher levels, I do expect Buyers to remain on the defensive in the coming months, so at the very least, Sellers should expect them to negotiate.

If you have any specific questions about this Quail Ridge & University area report or you are looking for assistance in Buying or Selling, please do not hesitate to telephone or email me, and I will be happy to help!

Kind Regards

Trish Cenci

Tel 250 864 1707

About the Author

Trish Cenci is a Residential Real Estate Agent working in Kelowna & the surrounding Okanagan Valley. The Quail Ridge and University area is one of her specialist areas, having helped many Clients to Buy & Sell in the area over the last 18 years. Trish was Born & Raised in the UK, has a background in Finance & Banking, & emigrated to Kelowna in 2005. Since then she has been building a successful Real Estate business and has established a reputation for being a highly respected, knowledgeable & professional local Agent here locally. She feels passionate that clients should be well-informed, in making their Real Estate decisions, and writes regular blog posts about the local Quail Ridge, UBCO & Kelowna Real Estate Market.

Future Development Applications

The Views Rental Market Buildings to the South of UBCO Details

New Town Homes 3179 Via Centrale Details