This report details the market performance of Real Estate in Quail Ridge & the University District of Kelowna during the last 12 months, based on MLS® listings & sales.
There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2021.
Quail Ridge / University District Real Estate
January 1, 2020, to December 31, 2020.
|Single Family Homes||
Highlight Summary for 12 Months Jan - Dec 2020 compared to 2019.
- Total MLS® Sales up 20.7%.
- 47.8% increase Single Family Homes sales.
- 6.5% fall in Condos sales.
- 69% increase in Townhome Sales.
Homes - we saw sales in all price ranges, and numbers were bolstered as we started to see some re-sales in University Heights.
Town Home - sales in the new Academy Ridge Town Home complex resulted in a significant rise in townhome sales.
Condos - Condo sales were hit heavily by the Covid Pandemic, as the UBCO School year went online.
Single Family Homes
Single-Family home inventory is trending lower than this time last year.
Median Number of Days of the Market
Annual 2020 36 Days
Annual 2019 74 days
Annual 2018 30 days
2020 Sales Breakdown by Price -:
1 - under $600,000 - in Hollywood Rd.
29 - $601,000 to $1m range.
4 - over $1m.
Currently, 4 Single Family Homes listed with 3 listed over $1m.
Note - the new homes in University Heights are continuing to be sold through the Developer, so we are not seeing these numbers on the MLS® system.
Median Home Prices
2018 - $746,250
2019 - $735,000 down 1.5%
2020 - $785,000 up 6.8%
Breakdown of sales by Complex / Area.
Academy Way 2020 - 19 2019 - 26
Pinnacle Pointe 2020 - 15 2019 - 12
Sienna Terrace 2020 - 0 2019 - 2
Pointe at Quail 2020 - 4 2019 - 6
Borgata Lodge 2020 - 1 2019 - 1
Academy Way sales started better than in the previous year, but have been impacted by the UBCO school year being online, due to the Covid Pandemic.
Pinnacle Pointe has also seen lower sales, impacted by UBCO and also the weaker demand for Short Term Rentals overall this year. They also saw a hike in their Strata Insurance Premium (as many Strata's did) which made for an above average increase in Strata Fees.
The Pointe at Quail - sales numbers and prices continued to be affected by the repair work to the building. The main repair was finished at end of August 2020 & there is a further repair ongoing on a couple of units.
U Two - the major repair work was completed 881 Academy Way in June 2020, following the water damage in 2019, and there is litigation pending as a result.
U Eight - the Developer still has some 2 & 3 Bedroom units to sell. (Sales were undertaken outside of the MLS® system.)The Buyers took possession in August 2020.
Inventory & Days on Market
Inventory is much higher than this time last year and we are seeing the number of months of inventory rising - currently, 15.5 months compared to 5.5 months in 2019.
Sales continued to falter in the second half of the year, resulting in downward price pressure. It is, therefore, a good time to buy in this area, as once UBCO goes back to classroom learning, which will hopefully be this fall, I expect this excess of units to go quickly.
Despite everything Median Days to Sell are showing an improved trend.
Annual 2020 - 45 Days
Annual 2019 - 72 Days
Annual 2018 - 45 Days
Median Sale Prices Quail Ridge
2018 - $374,740 Up 13.5 %
2019 - $350,000 Down 6.6 %
2020 - $385,000 Up 10%
Median Sale Prices Academy Way
2018 - $482,000 Up 20.5%
2019 - $440,776 Down 8.6%
2020 - $425,000 Down 3.6%
Note - part of the reason for the downward price trend in Academy Way has been more studio and 1 bedroom units sold, as Buyers were looking in the more affordable end of the market.
I had 2 one-bedroom units listed for sale this year and both had offers within 24 hours of listing.
Bella Sera - 1795 Country Club Drive
Sales 2020- 1 Quarter share unit sold - $85,000 & 3 full units with a range of - $375,000- $407,500.
There have been no full units for sale since February 2020, and I continue to have a waitlist for units in the complex, particular for upper south end units.
Casentino - 1950 Capistrano Drive -:
Sales 2 Range $639,000 - $650,000.
Currently, 2 unit listed between $765,000 - $875,000.
Bella Veduta - 1910 Capistrano Drive
0 Listings or Sales in the last 12 months.
Currently listed 1 unit price $724,900
Fairway Heights - 2455 Quail Ridge Boulevard
2020 2 Sales - $667,500 - $679,000
Currently, 0 Unit Listed.
Fiore Del Sol
2020- 3 Sales Range - $624,100 - $877,500.
Currently 0 Listings.
Deerhurst Estates - 3075 Vint Road
1 Sale $593,000.
Currently Listed - 0.
Academy Ridge - 610 Academy Way
2020 - 11 Sales Range $479,900 - $504,900.
5 Currently Listed on MLS®.
NOTE - not all sales may be shown on the MLS® system.
New Development - Country Club Drive Townhomes
The new 23 Townhome development next to the Quail Ridge Golf Course is currently 'on pause'.
No prices have been advised yet.
Forecast for Quail Ridge and UBCO in 2021.
1. Mortgage Rates are likely to stay low throughout 2021, which is good news for potential Buyers.
2. Vancouver and the Lower Mainland Buyers, having been moving to Kelowna as a result of the Pandemic, with options to work from home and have more space. This is likely to continue in 2021, so I expect demand to continue.
3. Low Inventory especially Single Family Homes. Local buyers have tended to be in the $600,000-$750,000 range and we should continue to see good demand for those price points, especially if the homes have suites or 'suite potential', as 'affordable' homes are relatively scarce at present.
1. Resumption of an in-classroom UBCO school year will be the key to increased demand for Condos in this area, so prices and sales are likely to struggle over the next few months. A re-start date is still unknown. With Covid-19 vaccinations now underway, it is likely UBCO will recommence in-classroom learning in September 2021. Rental rates & rental demand will then bounce back, which will attract Investors and Student parents back into the Buying Market.
2. Travel Restrictions due to Covid - Quail Ridge & the University District have typically been popular with out-of-town Buyers. Demand/appetite for air travel is still relatively low and this may continue to affect Buyers wishing to move from the more Eastern parts of Canada & abroad.
3. Strata Insurance Rates - This continues to have an impact across BC as Condo Strata's, in particular, have been receiving large increases in their insurance renewals, resulting in Special Levies and increased Strata Fees.
So what does this mean ...
For the immediate future, I expect Condo sales, in the University District, to remain subdued. So as a Buyer if the right unit comes along, now will be the time to buy, as prices are very low right now, and against the overall trend.
As a Seller, I would 'hold', but let me know if you are looking to list this year so that I can contact you right away when things start to improve.
For Sellers of Homes and Townhomes, there is no need to wait for Spring. In most cases, inventory is very low, so contact me as soon as you are ready, and I can get things going for you.
I ensure each home is 'showcased' online to its maximum potential with professional photos and a virtual tour, to ensure we minimise the number of people actually going through your home in these unprecedented times & I have 'Covid- Protocols in place for both Buyers and Sellers,
A word of warning, it is still important to price your home correctly, as overpricing can leave your Home languishing on the market, and leaving Buyers wondering why it hasn't sold.
If you have any specific questions about the area or your own particular needs, please do not hesitate to telephone or email me, and I will be happy to either start you off on your own individual search for a new Property or provide you with a Current Market Analysis of your Properties value.
Tel 250 864 1707