Welcome my latest market performance report for Real Estate in Quail Ridge & the University District of Kelowna from January to June 2022, based on MLS® listings & sales.
Quail Ridge / University District Real Estate
January 1, 2022, to June 30, 2022.
Summary for 6 Months January to June 2022 compared to 2021.
- Total MLS® Sales are down 42%.
- 52% decrease in Single Family Homes sales.
- 34% decrease in Condo sales.
- 59% decrease in Townhome Sales.
Homes - sales range $850,180- $1,675,000.
Town Home - sales range $575,000 - $970,000
Condos - sales range $300,000 - $645,000.
Single Family Homes
The year started with 3 Single-Family home listings and currently stands at 14 listings.
The current price range is $939,500 to $2,050,000.
Inventory has started to rise since the market hit its peak in March 2022. There were 7 sales between January and March 2022 and 5 sales between April and June. 2022.
Delving deeper into the numbers, we see the higher-priced home sector has been affected the most, with the peak sale in Q1 being $1,675,000 and Q2 $1,280,000.
Median Number of Days of the Market
*Jul YTD 2022 15 Days
Annual 2021 22 days
Annual 2020 36 days
Interestingly the average days on Market for homes was still low, however, I expect that number to increase, over the coming months, as there are a number of properties that have been listed now since early spring.
Jan - June 2022 Sales Breakdown by Price -:
0 - under $800,000.
3 - $801,000 to $1m range.
9 - over $1m.
Median Home Prices
2020 - $785,000
2021 - $941,750 up 19.9%
2022 YTD - $1,210,000 Up 28.5%
Breakdown of sales by Complex / Area.
Academy Way 2022 - 41 2021- 40
Pinnacle Pointe 2022 - 5 2021 -30
Sienna Terrace 2022 - 0 2021 - 0
Pointe at Quail 2022 - 7 2021 - 18
Borgata Lodge 2022 - 1 2021 - 1
Academy Way sales were on par with the same time last year. With interest rate rises, some potential investors seem to have left the market for now, and so it is mainly units offering vacant possession, for the next UBCO school year, that are selling now.
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 - $300,000.
*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 somewhat.
Pinnacle Pointe - Sales have been much lower, but this had been as much to do with lack of listings, as demand has remained fairly good, especially with Short Term rentals being permitted. The highest-priced sales so far 2022 - 3 bedroom - $549,900, 2 Bedroom unit $499,000- $575,000 & 1 Bedroom $450,000 - $460,000.
The Pointe at Quail - The sales ranges were 2 Bedroom $445,000 - $574,000 & 1 Bedroom $359,000 - $420,000.
Sales have continued to be slower in this building, as some buyers have shown concerns for the lawsuit the building is currently going through, to recover costs for the major repairs a couple of years ago, together with the costs of the maintenance that the building is undergoing.
The reality is any building as it ages needs repairs and maintenance, and this Strata is looking to keep things up to date which costs money.
Inventory & Days on Market
Inventory in Quail Ridge & Academy Way near UBCO has been improving.
Pinnacle Pointe - 2 two-bedroom unit for sale range $468,000- $509,000.
Pointe at Quail - 12 two-bedroom units (some with dens) currently listed. Price range $449,900 - $529,000.
Borgata Lodge - 1 One Bedroom 2 Bathroom unit listed at $415,000.
Academy Way, 11 Listings - 2 micro suites listed at $329,900, 3 two bedroom units range $529,000 -$540,000 and 6 three-bedroom units range $579,900 - $600,000.
Months of inventory is rising - as at June 3 months of inventory, compared to 0.86 months at this time in 2021 to 12.5 months in 2020.
So, it technically remains a Sellers Market, but Sellers need to be much more willing to negotiate, to reach a successful sale, compared to this time last year.
Median Days for Condos to Sell are holding steady, but I expect that to rise.
June 2022 - 21 Days
June 2021 - 20 Days
June 2020 - 22 Days
Median Sale Prices Condos Quail Ridge
Annual 2020 - $385,000
Annual 2021 - $406,603 Up 5.6 %
YTD 2022 - $499,000 Up 22.7%
Median Sale Prices Condos Academy Way
Annual 2020 - $425,000
Annual 2021 - $446,500 Up 5.07%
YTD 2022 - $528,800 Up 18.4%
Prices have appreciated well since the beginning of the year, although we now know the 'peak' of the market was in March 2022.
Bella Sera - 1795 Country Club Drive
Sales YTD 2022 - 3 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.
1 Currently for sale, listed for $604,900.
Casentino - 1950 Capistrano
There has been 2 sales so far this year - $850,180 - $1,089,000
1 Current Listing - $950,000.
Sales 2021 6 in the Range $850,000 - $920,000 (2020 $639,000 - $650,000).
Bella Veduta - 1910 Capistrano Drive
There has been 1 unit sold in this complex so far this year $970,000.
2 Current listings - 1 Two Level $989,700 - $999,000 1 Three Level $1,099,000.
2021 - 2 Sales - 1 Two Level $720,000 1 Three Level $930,000.
Fairway Heights - 2455 Quail Ridge Boulevard
2 Sales YTD 2022 - $935,000- 960,000
Currently Listed - 0.
2021 No Sales in this complex. 2020 (2 Sales - $667,500 - $679,000)
Fiore Del Sol
YTD 2022 - 2 sales of 2 storey units $815,000- $920,000.
Currently 2 Listings - 2 Storey $929,000 & 3 Storey $1,099,000.
2021- 3 Sales Range - 715,000 - $765,000 (2020 3 Sales - $624,100 - $877,500.)
Deerhurst Estates - 3075 Vint Road
2022 - 1 Sales $860,000..
2021- 2 Sales Range $$630,000 to $691,000 (2020 -1 Sale $593,000.)
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 (2020 - 11 Sales Range $479,900 - $504,900.)
1 Currently Listed on MLS® $838,000.
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 broke ground in Fall 2021, and is now beginning to take shape.
The project has now been released, for sale, by the Developer.
Price ranges on MLS® 1324 Sq Ft units starting at $715,000 plus GST & 1953 sq ft units starting at $1,155,000.
There is no sales data available at this time.
Things to watch out for & Summary for the remainder of 2022.
1. Inventory - has been rising as with other areas of the valley. With sales being slower over the last 3 - 4 months, some Sellers, if they need to move, may well feel tempted to reduce their prices. For others, they will likely just wait for the right buyer/market to recover, and so I do not see an inventory of homes & townhomes rising too much, but we may see Condo inventory rise slightly.
2. Out of Town Buyers - With a recent dampening of demand in the Lower Mainland, we are seeming to see less Buyers in this category coming to our area. Summer can traditionally be a slower time for home sales in Quail Ridge, and the serious Buyers tend to come back in the Fall. It will be interesting to see if that happens this year.
3. Interest Rates - have already risen this year, and there is talk of a further 1% rise in rates during the next 6 months. This is likely to price some buyers out of the market. As Quail Ridge Single Family Homes are not typically first-time buyer properties, I do not believe this will affect that sector too much, but it may well affect the Condo sector, especially the appetite of Investors.
4. Higher Prices may affect ROI for Investors - Continuing higher prices & higher interest rates may cause some to decide against purchasing, for now, especially if Rental Rates do not rise at the same level.
As inventory has improved and sales have slowed in the Quail Ridge & University Real Estate Market I expect prices to stay in a general 'holding pattern'.
There are several caveats to this as I do not have a crystal ball, of course! If inflation does not come under control and the Bank of Canada has to rise rates further than expected, there will always be some Sellers who are more motivated to sell, and we have seen the occasional 'below' market' sale locally. Also, if we start to see a rise in unemployment and a fall in consumer confidence should the economy start to go into recession, these will all be factors which would weaken prices.
Buyers - The 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. You will now have more choice and the option to negotiate on price.
Sellers - it technically remains a Seller's market, but homes priced over $1m are likely to remain slower as some buyers have homes to sell first. In all sectors of the market, I expect some Buyers to sit on the fence and watch the market. At this stage, we do not know how long for.
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!
Tel 250 864 1707