Quail Ridge University Real Estate Market Report October 2022

Welcome my latest comprehensive market report for Real Estate in Quail Ridge & the University District of Kelowna. This Report covers the period to September 30, 2022,  based on MLS® listings & sales.

Quail Ridge / University District Real Estate

January 1, 2022, to September 30, 2022.

Sales Numbers

Summary for 9 Months January to September 2022

Sales compared to 2021.

– Total MLS® Sales are down 45.2%.

– 63% decrease in Single Family Homes sales.

– 37% decrease in Condo sales.

– 52.9% decrease in Townhome Sales. 

2022 YTD Sales Price Ranges

Homes – sales range $965,000- $1,675,000.

Town Home – sales range $575,000 – $970,000

Condos – sales range $299,000 – $645,000.

Single Family Homes

The year started with 3 Single-Family home listings, with inventory starting to rise, peaking at 14 listings and is currently back to 12.

There were 7 sales between January and March 2022, 5 sales between April and June. 2022 and 3 between July and September. 

Current listing price range is $800,000 to $1,995,000.

Median Number of Days of the Market As at September 2022

YTD 2022     17 Days 

Annual 2021     22 days

Annual 2020     36 days 

Average days on the Market for homes is still showing as low, however, these numbers do not reflect that some homes have been re-listed, so the number now should actually read higher.

Jan – Sept 2022 Sales Breakdown by Price -:

0 – under $800,000.

4 – $801,000 to $1m range.

11 – over $1m.

Median Home Prices

2020 – $785,000

2021 – $941,750 up 19.9% 

2022 YTD – $1,210,000 Up 28.5%

Condos

Breakdown of sales by Complex / Area.

Academy Way   2022 – 53 2021- 60

Pinnacle Pointe 2022 – 13  2021 -39

Sienna Terrace  2022 –  0  2021 –  0

Pointe at Quail  2022 –  10  2021 –  22

Borgata Lodge  2022 –   2  2021 –  3

Academy Way – after a slower spell where investors seemed to waiver on whether to buy sales have improved and are only slightly lower than this time last year. 

Price ranges* for sales so far in 2022 – 3 bedroom unit $523,000 – $645,000, 2 Bedroom unit $440,000 – $570,000, 1 Bedroom $395,000 – $490,000 or Studio – $299,000 – $300,000. 

A number of the units currently for sale are in the U Two Complex, which had a flood a few years ago, which has been fully repaired, and are currently running higher strata fees than other complexes in the area, which they expect to be temporary.

*It should be noted that the very highest price 1 and 2 bedroom units include units in Academy Hill, which have Dens, which can often be used as an additional bedroom, so this skews the price ranges.

Pinnacle Pointe – Lower Sales have largely been to do with lack of listings, as demand has remained reasonable, especially with Short Term rentals being permitted. The highest-priced sales YTD 2022 – 3 bedroom – $549,900, 2 Bedroom unit $551,000 included 2 Parking stalls & 1 Bedroom – $460,000. 

The Pointe at Quail – The sales ranges were 2 Bedroom $445,000 – $574,000 & 1 Bedroom $359,000 – $420,000.

Sales remained slower in this building, as some buyers had shown concerns about the lawsuit to recover costs for the major repairs a couple of years ago, this has now made progress, & some looking for higher-ratio financing also struggled, as a result of this.

Borgata Lodge – 2 One Bedroom units range $330,000 – $355,000.

Inventory & Days on Market 

Inventory in Quail Ridge & Academy Way near UBCO has been improving.

Pinnacle Pointe – 0 Listings currently available.

Pointe at Quail – 9 two-bedroom units  (some with dens) currently listed. Price range $449,900 – $529,900.1 One Bedroom Listing $399,000.

Borgata Lodge – 1 One Bedroom 2 Bathroom unit listed at $415,000.

Academy Way, 11 Listings – 1 micro suites listed at $329,900, 1 One Bedroom $399,000 5 two bedroom units range $479,900 -$540,000 and 4 three-bedroom units range $559,900 – $595,000.  

Median Days for Condos to Sell are holding steady, but I expect that to rise.

Sept 2022 – 36 Days

Sept 2021 – 24 Days

Sept 2020 –  138 Days        

Median Sale Prices Condos Quail Ridge

Annual 2020 – $385,000 

Annual 2021 – $415,000 Up  7.2% 

     YTD 2022 – $494,000 Up 16%

Median Sale Prices Condos Academy Way

Annual 2020 – $425,000

Annual 2021 – $446,500 Up 5.07%

 YTD 2022 – $525,000 Up 14.9%

After a slow spell median prices continue to be up on last year, but there are signs prices are past their peak, and sales have slowed, as normal, after the start of the UBCO school year, and most of the current listings have Tenants until next spring.

Townhomes

Bella Sera – 1795 Country Club Drive

Sales YTD 2022 – 5 units with a range of – $575,000 -$690,000.

This remains the highest ever sale price for one of these units. Last year the highest sale was $565,000 in July 2021.

0 Currently for sale.

Average Days on Market – 32 Days.

Casentino – 1950 Capistrano

There has been 2 sales so far this year – $850,180 – $1,089,000

2 Current Listings – $920,000 – $1,089,000.

Sales 2021 6 in the Range $850,000 – $920,000 

Bella Veduta – 1910 Capistrano Drive

There have been 2 units sold in this complex so far this year $920,000 & $970,000.

2 Current listings – 1 Two Level $989,700 – $999,000 1 Three Level $1,099,000.

YTD in 2021 – 1 Sales – 1 Two Level $720,000 

Fairway Heights – 2455 Quail Ridge Boulevard 

2 Sales YTD 2022 – $935,000- 960,000

Currently Listed – 0.

2021 No Sales in this complex. 

Fiore Del Sol

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

Currently 3 Listings – 2 Storey $799,000 & 3 Storey $824,900 – $999,800.

2021- 3 Sales Range – 715,000 – $765,000 

Deerhurst Estates – 3075 Vint Road

2022 – 1 Sale $860,000..

2021- 2 Sales Range $$630,000 to $691,000 

Currently Listed – 1 List Price $859,900.

Academy Ridge – 610 Academy Way

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

2021 22 Sales  Range $489,900 – $639,900 

6 Currently Listed on MLS® $689,900- $799,900.

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

Quail Landing Townhomes

This 24 Townhome development, Quail Landing,  next to the Quail Ridge Golf Course remains under construction.

YTD 2022 – 1 Sold on MLS® – $740,000.

4 Listed for sale on MLS® – $725,00 – $1,240,000

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

Things to watch out for & Summary for the remainder of 2022.

1. Inventory – some single-family & condo inventory has lingered on the market a little longer than expected,  so we did see a number of price reductions in the area recently. Overall inventory numbers have started to fall, which is normal for this time of year in the University District, and generally prices seem good value compared to other areas of the City.

2. Out of Town Buyers – We have continued to see reduced demand from the Lower Mainland, and from Buyers who are downsizing, in our own area,  as a number of Buyers are struggling to sell existing properties.

3. Inflation & Interest Rates –  unless inflation starts showing signs of coming under control we can expect further interest rate rises, from the Bank of Canada. This is likely to price more buyers out of the market. Quail Ridge Single Family Homes are not typically first-time buyer properties, so will not be affected by this as much. With the rental market still being tight, as rents for one bedroom units reached a new peak recently of $1,600 p.m. we may well see some investors coming back into the market.

Overall, it seems we have seen a modest correction in the market and while we may see some further price reductions as some Sellers get more anxious, over the coming months, overall I expect the market to be in a holding pattern in the next little while. Especially as Quail Ridge and the UBCO area is normally not as active during the winter months.

Buyers – Pricing of Homes and Townhomes has remained more reasonable than in some other areas of the City, so Quail Ridge still seems to be a good buy. Overall you now have more choice and the option to negotiate!

Sellers – The higher priced Homes and Town Homes are likely to remain slower as some buyers have homes to sell first, and some buyers continue to sit on the fence. You will need to continue to watch the market closely with your real estate professional, and adapt to the changes as they come along. Depending on your circumstances you may have to consider a price reduction or if you are not in a rush to sell the feeling is that the market will come back, we are just not sure when yet.

If you have any specific questions about the Quail Ridge & University area or your own particular needs, please do not hesitate to telephone or email me, and I will be happy to help!

Kind Regards

Trish Cenci

Tel 250 864 1707