Kelowna Real Estate MarketQuail Ridge UBCO Real Estate Market 24 January 2023

Quail Ridge UBCO Real Estate Market Report January 2023

Here is my latest comprehensive market report for Quail Ridge UBCO Real Estate, Kelowna. This Report covers the period to December 31, 2022,  based on MLS® listings & sales.

Quail Ridge UBCO Real Estate

January 1, 2022, to December 31, 2022.

Sales Numbers

Deatil of Quail Ridge Kelowna Real Estate Sales to December 2022

Quail Ridge UBCO Real Estate Summary for 12 Months January to December 2022

Sales compared to 2021.

– Total MLS® Sales are down 45.5%.

– 64.6% decrease in Single Family Homes sales.

– 37.5% decrease in Condo sales.

– 50% decrease in Townhome Sales. 

This was to be expected given the unusually high level of activity in 2021.

2022 Sales Price Ranges

Homes – sales range $770,000- $1,675,000.

Town Home – sales range $575,000 – $1,024,500

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

Single Family Homes

Quail Ridge Kelowna Real Estate Active Listings as of Dec 31 2022

The year started with 3 Single-Family home listings, with inventory starting to rise, peaking at 14 listings and is currently back to 7. As normal, I would expect this number to rise as we head into Spring.

There were 7 sales between January and March 2022, 5 sales between April and June. 2022 , 3 between July and September, and 2 between October & December. 

As of today, the current listing price range is $874,900 to $1,690,000.

Median Number of Days of the Market 

Annual 2022     18 Days 

Annual 2021     22 days

Annual 2020     36 days 

Average days on the Market for homes is still showing as low, however, it should be remembered that some homes have been re-listed during the year, so the number should really be higher.

Jan – Dec 2022 Sales Breakdown by Price -:

1 – under $800,000.

4 – $801,000 to $1m range.

12 – over $1m.

Median Home Prices

2020 – $785,000

2021 – $941,750 up 19.9% 

2022  – $1,199,950 Up 27.4%

Condos

Graph representing 3 years listings in tegh Quail Ridge UBCO Area Kelowna

Breakdown of sales by Complex / Area.

Academy Way   2022 – 56 2021- 64

Pinnacle Pointe 2022 – 13  2021 -42

Sienna Terrace  2022 –  0  2021 –  1

Pointe at Quail  2022 –  12  2021 –  26

Borgata Lodge  2022 –   3  2021 –  3

Academy Way – overall sales numbers were broadly in line with the previous year, and one of the reasons there were not more sales at the end of the year was the lack of units offering vacant possession. Price ranges for sales in 2022 – 3 bedroom unit $523,000 – $645,000, 2 Bedroom unit $440,000 – $520,000, 1 Bedroom $395,000  & Studio – $299,000 – $300,000. 

Pinnacle Pointe – Lower Sales last year were largely due to lack of listings, as demand has remained reasonable, especially with Short Term rentals being permitted. The price ranges for sales in 2022 – 3 bedroom – $549,000 – $551,000, 2 Bedroom unit $448,000 -$575,000 & 1 Bedroom – $395,000 – $460,000. 

The Pointe at Quail – The sales ranges were 2 Bedroom $445,000 – $574,000 & 1 Bedroom $359,000 – $420,000. Sales were slower in the Pointe at Quail building, again last year, as some buyers had shown concerns about the lawsuit to recover costs for the major repairs a couple of years ago. I understand progress is being made with the ongoing Insurance Claim, so hopefully, the building can then look forward to some normalcy soon.

Borgata Lodge – 3 sales of One Bedroom units range $330,000 – $398,000.

Inventory & Days on Market 

Pinnacle Pointe – 1 Listing currently available – 1 Bedroom $393,800.

Pointe at Quail – 4 two-bedroom units  (some with dens) currently listed. Price range $459,900 – $524,900.

Borgata Lodge – 0 Listed.

Academy Way, 9 Listings – 1 micro suite listed at $309,900, 1 One Bedroom $388,800 6 two-bedroom units range $429,900 -$499,900 and 1 three-bedroom unit – $559,000. 

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

2022 – 29 Days

2021 – 22 Days

2020 –  45 Days        

Median Sale Prices Condos Quail Ridge

Annual 2020 – $385,000 

Annual 2021 – $406,603 Up  5.6% 

Annual 2022 – $490,000 Up 20.5%

Median Sale Prices Condos Academy Way

Annual 2020 – $425,000

Annual 2021 – $446,500 Up 5.07%

 Annual 2022 – $525,000 Up 14.9%

Looking at the year-end of 2022, Median prices continue to be up on 2021, with the peak being in July 2022. Since then 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 2022 – 5 units with a range of – $575,000 -$690,000.

The 2022 peak remains the highest-ever sale price for one of these units. The highest sale in 2021 was $565,000.

1 Currently for sale, list price $599,000.

Average Days on Market – 32 Days.

Casentino – 1950 Capistrano

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

2 Current Listings – $899,000 – $949,000.

Bella Veduta – 1910 Capistrano Drive

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

Fairway Heights – 2455 Quail Ridge Boulevard 

2 Sales in 2022 – $935,000- 960,000

Currently Listed – 0.

Fiore Del Sol

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

Currently 2 Listings – 2 Storey $799,000 – $824,900

Deerhurst Estates – 3075 Vint Road

2022 – 1 Sale $860,000.

Currently Listed – 0

Academy Ridge – 610 Academy Way

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

9 Currently Listed on MLS® $669,900- $730,000.

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

Quail Landing Townhomes – 1979 Country Club Dr

This 24 Townhome development, Quail Landing,  next to the Quail Ridge Golf Course remains under construction and 1st possessions are on course for later this year.

2022 – 1 Sold on MLS® – $740,000.

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

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

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

1. Inventory – as usual, inventory is at a lower level this time of year. Homes –  There were a number of homes that didn’t sell in the Quail Ridge area during the Fall, so I expect them to come back onto the market in Spring. Condos – a number of Sellers have made initial enquiries about values during the last few weeks, which would indicate there will be the usual level of inventory coming on in Spring.

2. Buyers – As many homes have become unaffordable for local Buyers, some of the Quail Ridge homes and townhomes offer good value, and the Academy Ridge Town Homes are also in the more affordable range.

3. Inflation & Interest Rates –  As of early 2023, we are still looking at further interest rate rises, from the Bank of Canada. This is likely to price more buyers out of the market or they will seek Town Homes & Condos instead of homes. 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 at the end of last year, at $1,600 p.m. , we may well see some investors coming back into the market.

During the course of last year, we did see prices moderate in the Quail Ridge and UBCO area, and there were some ‘motivated Sellers’, so some of the home sales represented ‘real deals’.

Buyers – Homes and Townhome prices have remained more reasonable than in some other areas of the City, and with the area now having its own Shopping Village Quail Ridge has lost its Title of being ‘out of town with little nearby’. So, it remains a good buy.

Sellers – The luxury-end Homes and Town Homes are likely to remain slower as typically buyers have homes to sell first, and things have been quieter in areas such as the Lower Mainland. As the market is ever-moving at the moment, you need to watch the market closely with your Real Estate Agent, adapt as necessary and be prepared 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

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