Kelowna Real Estate Market News

This report details the market performance of Real Estate in Quail Ridge & the University District during the last 12 months, based on MLS® listings & sales.


You will find details of each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2020.



Quail Ridge / University District Real Estate

January 1, 2019, to December 31, 2019.


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2019


82


23


46


13


0

 

Jan-Dec

2018


76


26


47


2


1

  Jan-Dec 2017


117


15


68

 

32


2


Highlight Summary

- Total MLS® Sales up 7.9%.

- 1.5% fall in Single Family Homes sales.

- 2.1% fall in Condos sales.

- 650% increase in Townhome Sales. 


Homes - continued to be affected by the Mortgage Stress Test, and homes, (typically under $800,000) with suites or the potential for suites generally sold more easily than those without.


Town Home - numbers were boosted by an increase in sales in Bella Sera & there were 2 Sales in Fairway...

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We are now 3/4 of the way through the year, so it's time for my Q3 2019 report on the Quail Ridge & UBCO Kelowna Real Estate Market.

Single Family Homes




12

  Months


6

Months


3

Months   

Sales*        18 13 6
Av Sold P.M    1.5 2.2 2
Current Listings   17 17 17
Months Supply   11 6 8.5
% Chance Selling   8.8% 12.9% 11.8%


* Figures for Single Family Homes and Bare Land Strata Properties.


Current Price Range for Sale   $599,900 - $1,699,000

Average Days on Market  2018 - 36 Days 2019 - 88 Days


We have just started to see homes being listed under the $600,000 mark again, and homes which are listed below the assessed value, a sign that prices have continued to soften.


Sales in the last 90 days have been between $640,000 & $1,009,000, with evidence of Sellers having to adjust their list pricing to the current market conditions and being prepared to negotiate.


At the time of writing, I am aware of 3 homes that are...

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Welcome to my 1/2 year report on the Quail Ridge & UBCO Kelowna Real Estate Market.

Single Family Homes



12

  Months

6

Months

3

Months   

Sales        20 20 8
Av Sold P.M    1.7 1.7 2.7
Current Listings   20 20 20
Months Supply   12 12 7.4
% Chance Selling   20.8% 16.9% 19%


Current Listing Price Range for Sale   $649,900 - $1,699,000

Average Days on Market  2018 - 43 Days 2019 -114 Days


The Mortgage Stress Tests continues to have a bearing on Home Sales in the Quail Ridge area. Some Buyers worked around this by buying Homes with suites.


With Quail Ridge being close to UBCO and a winter transit service available, the extra income from rentals provided some welcome income support to Quail home buyers.


Current listings & recent sales show most of the homes have no suites, which is likely to have been a factor in homes taking 2 1/2 times longer to sell.


At my Quail Ridge Open Houses, people have certainly...

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For those of you who have not read one of my Quail Ridge / University Real Estate Blogs before, my name is Trish Cenci, and I am a Real Estate Agent in Kelowna, who specializes in buying and selling Real Estate in the Quail Ridge and University District of Kelowna.


This post is my annual report on what has happened in this area of the Market during the last year and some of my predictions for 2019.

Total Quail Ridge / University District Real Estate Sales for 2018

After 2 'banner' years of Real Estate Sales in the Kelowna area, there was a 36% fall in Quail Ridge / University MLS® Residential Real Estate sales in 2018.


Interestingly, sales of Single-Family Homes increased, but Condo sales fell 29% and Townhomes a whopping 93%!


Single Family Homes


Of the 24 sales in the Quail Ridge / University area, 17 were under $800,000, which represented great value, compared to some other areas of the City and contributed to the areas increase in sales numbers.


We continued to see a shift...

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Welcome to my Quail Ridge / University District Real Estate Half Year Market Report for 2018.


This report is designed to give current Owners, Buyers, Sellers, and Investors an insight into how the Quail Ridge & University District Real Estate Market has performed, here in Kelowna, during the first 6 months of 2018, and my forecast for the remainder of the year.


Quail Ridge / University District

Real Estate Sales January 1, 2018 to June 30, 2018.


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Jun

2018

38 17 20 1 0
 

Jan-Jun

2017

62 7 37 17 1
  Jan-Jun 2016 70 28 29  8 5


Overall sales numbers have fallen by 39% compared to this time last year. Interestingly there is a 143% increase in sales of Single Family Homes, but the usual 'Spring Market' for Condos has not materialised with a 46% fall in sales. Both the Quail Ridge and Academy Way area were affected.


The biggest drop off has been in sales of Town Homes. This largely involves Town Homes...

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Welcome to my Quail Ridge / University District Real Estate Market Report for 2017.


This report is designed to give current Owners, Buyers, Sellers, and Investors an insight into how the University District Real Estate Market has performed, here in Kelowna, in the last 12 months, and what you may expect in the coming year.


Quail Ridge / University District Real Estate Sales Numbers 2017


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

  2017 117 15 68  32 2
  2016 121 40 54 22 5
  2015 84 49 49  9 2

 

Overall sales numbers were similar to last year, but there was a significant difference in what types of properties sold.

 

Single Family Homes

 

There was a 62% fall in Single Family Homes sales numbers, in Quail Ridge, in 2017.

 

 

Looking at the levels of inventory on the graphic above, inventory numbers were far better than 2016, so it was not a lack of inventory. It appears to have been more to...

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