Quail Ridge & UBCO Real Estate Market Report April 2023

Quail Ridge UBCO Real Estate Table of Contents

Quail Ridge UBCO Sales Numbers
Single Family Homes Report
Condos Report
Townhomes Report
Quail Ridge & UBCO things to watch out for in 2023
Other Quail Ridge & UBCO Links
About the Author

This Quail Ridge UBCO Real Estate Kelowna Comprehensive Real Estate Market Report covers the period from January 1, 2023, to March 31, 2023. It is based on MLS® listings & sales shown by the Association of Interior Realtors.

Quail Ridge UBCO Real Estate

January 1, 2023, to March 31, 2023 Sales Numbers

	Sales Jan-Mar 2023	% Change Jan – Mar 2022	Sales Jan-Mar 2022	% Change 2023 to 2022	Sales Jan-Mar 2021
Total	19	↓ 54.7%	42	↓ 27.6%	58
Single-Family	6	↓ 14.3%	7	↓ 22.2%	9
Condos	10	↓ 66.6%	30	↓ 6.3%	32
Townhomes	3	↓ 40.0%	5	↓ 70.6%	17

Residential Q1 Sales compared to Q1 2022.

Total Quail Ridge UBCO Real Estate MLS® Sales were down in all segments, compared to last year.

This winter felt very much like a ‘normal’ winter in the University District. Typically, when the Golf Course closes down at the end of October and the ‘snowbirds’ leave for winter, inventory and buyers seem to tail off, and that happened this winter.

Quail Ridge UBCO Q1 2023 Sales Price Ranges

Homes – sales range $866,000- $1,487,500.

Town Home – sales range $560,000 – $960,000.

Condos – sales range $376,500 – $550,000.

Quail Ridge UBCO Single-Family Homes

Quail Ridge UBCO Single Family Home Listings March 2023

Single Family Home Listings Graph March 2023

The Single Family Home listings have been hovering in the 7 to 9 range, which is average.

Sales have been generally hard to come by, but as the spring market kicked in during March 2023, 3 homes sold over $1m.

As of today, there are currently 9 listings with a price range is $875,000 to $1,690,000.

Single-Family Home Median Number of Days of the Market

March 2023 38 Days

March 2022 12 days

March 2021 21 days

Average days on the Market for homes are trending higher & some homes re-listed during the winter, so the number should actually be higher.

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

1 – under $900,000.

3 – $901,000 to $1.3m range.

2 – over $1.3m.

Quail Ridge UBCO Real Estate Median Home Prices

Mar 2023 – $810,000.

Mar 2022 – $925,000 down 12.4%.

Mar 2021 – $759,000 up 21.9%.

Quail Ridge UBCO Condos

Condo Listings Quail Ridge UBCO March 2023

Quail Ridge UBCO Condo Listings Graph March 2023

Breakdown of Condo Sales by Complex / Area.

Academy Way Jan – Mar 2023 – 4 2022- 19

Pinnacle Pointe Jan – Mar 2023 – 1 2022 -5

Sienna Terrace Jan – Mar 2023 – 0 2022 – 0

Pointe at Quail Jan – Mar 2023 – 5 2022 – 5

Borgata Lodge Jan – Mar 2023- 0 2022 – 1

Academy Way – sales numbers were well down, mainly due to lack of inventory and more subdued sale prices. Price ranges for sales in Jan – Mar 2023 – 3 bedroom unit $550,000, 2 Bedroom unit $420,000 – $429,000, 1 Bedroom $375,500.

Compared to 2022 prices are down. in Q1 2022 3 Bedroom units ranged from $523,000 to $586,000 & 2 Bedroom units $467,000 to $525,000.

Pinnacle Pointe – Lower Sales in Q1 2023 were due to a lack of listings, as the one unit that did sell, sold in multiple offers in 9 days. It was a 2 bedroom & Den unit which sold for $530,000. These units were selling in the $540,000 to $550,000 range in 2022.

The Pointe at Quail – Q1 2023 sales ranges were 2 Bedroom $450,000 – $579,900 & 2 Bedroom and Den units $490,000 – $495,000. Sales numbers were broadly the same as this time last year and prices in Q1 2022 ranged between $445,000 $574,000. They are making progress with the Law Suit to recover costs for the major repairs a couple of years ago, & understand progress is being made with the ongoing Insurance Claim, which should hopefully be settled soon.

Borgata Lodge – 0 sales of One Bedroom units range show for Q1 2023, however, the unit I had listed did receive an offer within 2 or 3 days and is just not showing as sold on the MLS® system, as of March 31 , 2023. List Price was $389,000 for a 1 Bedroom 1010 sq ft loft unit.

Condo Inventory & Days on Market

Pinnacle Pointe – 0 Listings currently available.

Pointe at Quail – 2 Two-Bedroom units currently listed. Price range $459,000 – $584,900. 1 Two Bedroom & Den unit $524,900.

Borgata Lodge – 0 Listed.

Academy Way, 14 Listings – 1 micro suite listed at $309,900, 1 One Bedroom $399,000, 9 Two-Bedroom units range $459,000 -$499,000 and 3 Three-Bedroom units – $550,000- $559,000.

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

March 2023 – 29 Days

March 2022 – 21 Days

March 2021 – 22 Days

Median Sale Prices Condos Quail Ridge

March 2023 – $462,500 Down 13.4%

March 2022 – $534,000 Up 31%

March 2021 – $407,750

Median Sale Prices Condos Academy Way

March 2023 – $420,000 Down 28.3 %

March 2022 – $586,000 up 32%

March 2021 – $443,888

NOTE These Academy Way numbers are skewed as they depend on the size of the condo sold. For instance, there was a one-bedroom two bedroom unit sold this March, whereas there were seven 3 bedroom units sold last March.

So to make the number a little more meaningful, if you assumed the average 3 Bedroom was selling last year for $594, 428, and is now selling for around $550,000, prices are down approximately 8.1%.

Quail Ridge UBCO Townhomes

Bella Sera – 1795 Country Club Drive

Sales Jan – Mar 2023- 1 unit Price $560,000 Sold in 31 days.

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

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

0 Currently for sale.

Casentino – 1950 Capistrano

There have been 0 sales from Jan – Mar 2023.

There were a total of 2 sales in 2022 – $850,180 – $1,089,000

Current Listings 3 – $875,000 – $1,048,000.

Bella Veduta – 1910 Capistrano Drive

Jan – Mar 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 – Mar 2023 0 Sales

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

Currently Listed – 0.

Fiore Del Sol

Jan – Mar 2023 0 Sales.

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

Currently Listings – 1 Two Storey $799,000 2 Three Storey $789,900 – $899,000.

Deerhurst Estates – 3075 Vint Road

Jan – Mar 2023 0 Sales

2022 – 1 Sale $860,000.

Currently Listed – 0

Academy Ridge – 610 Academy Way

Jan – Mar 2023 1 Sale $789,900.

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

9 Currently Listed on MLS® 6 units 3 Bed 3 Baths $669,900- $719,900 & 2 units 3 Beds 4 baths $789,900 – $799,900.

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 and is making good progress with 1st possessions on course for later this year.

Jan – Mar 2023 – 0 Units Sold

2022 – 1 Sold on MLS® – $740,000.

6 Listed for sale on MLS® – $715,00 – $1,240,000

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

Quail Ridge UBCO Real Estate – Things to watch out for in Q2 2023.

1. Inventory – as is normal inventory is lower this time of year. Condos – in the next 2 months will be prime for the current students leaving, so expect an increase in inventory during April and May 2023. Homes – as we have just seen several long-term listings sell in the area I expect to see more new listings during the next couple of months.

2. Buyers – Quail Ridge Homes, compared to some other areas, represent good 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 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 is struggling to get certain areas of inflation under control, but the Bank of Canada has pledged to hold interest rates for now. Regardless of what happens Quail Ridge Single Family Homes are not typically first-time buyer properties, so will not be affected by this as much. However, this may still affect the Townhome and Condo sectors.

4. Sellers – The luxury-end Homes and Town Homes should start to see an increase in activity, as we head further into the spring market, but if you don’t need to sell, you may want to hold for a while, as interest rates are predicted to come down later in the year of next year, which is likely to be positive for prices.

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.

Quail Ridge UBCO Real Estate Market Report April 2023