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 2022.
Quail Ridge / University District Real Estate
January 1, 2021, to December 31, 2021.
|Single Family Homes||
Summary for 12 Months January to December 2021 compared to 2020.
- Total MLS® Sales up 125%.
- 41.2% increase Single Family Homes sales.
- 216% rise in Condos sales.
- 63.6%% increase in Townhome Sales.
Homes - sales numbers were up & ranged between $850,000 & $1.749m last year.
Town Home - there were very few townhomes for sale in Quail Ridge last year, so the numbers were dominated by sales in the Academy Ridge Town Home complex.
Condos - Condo sales bounced back in a big way as UBCO study was no longer online, and both the Academy Way area and Quail Ridge saw a significant increase in sales.
Single Family Homes
We are now seeing single-family home inventory trending at a similar rate to this time last year, after the usual increase of listings during the summer months.
Median Number of Days of the Market
Annual 2021 22 Days
Annual 2020 36 days
Annual 2019 74 days
2020 Sales Breakdown by Price -:
1 - under $800,000 - in Hollywood Rd - $518,000.
26 - $801,000 to $1m range.
21 - over $1m.
There are currently only 2 Single Family Homes listed in the area - $1,259,000 & $2m.
Note -while there were only 4 sales over $1 million the previous year, in 2021 there were 21 sales in the sector.
Median Home Prices
2019 - $735,000
2020 - $785,000 up 6.8%
2021 - $941,750 up 19.9%
Breakdown of sales by Complex / Area.
Academy Way 2020 - 19 2021 - 64
Pinnacle Pointe 2020 - 15 2021 - 42
Sienna Terrace 2020 - 0 2021 - 1
Pointe at Quail 2020 - 4 2021 - 25
Borgata Lodge 2020 - 1 2021 - 4
Academy Way sales were up significantly on the previous year, as UBCO largely went back to in-person learning. The highest-priced sales this year were - 3 bedroom unit $575,000, 2 Bedroom unit $512,000, 1 Bedroom $369,900 & Studio $258,000.
Pinnacle Pointe also bounced back, due to UBCO demand, & by stronger demand for Short Term Rentals. The highest-priced sales this year were - 3 bedroom unit $577,000, 2 Bedroom unit $468,000 & 1 Bedroom $408,205.
The Pointe at Quail - sales numbers had a strong recovery, as repairs were completed on the building. The Highest prices sales were 2 Bedroom and Den $453,000 & 1 Bedroom $350,000.
Inventory & Days on Market
Inventory is much lower than this time last year, with 15 units currently on the market, compared to 31 this time last year. 0 in Pinnacle Pointe, 4 in The Pointe at Quail and 11 in Academy Way.
Months of inventory is falling - currently, 2.29 months of inventory, compared to15.5 months in 2020 to 5.5 months in 2019. Inventory levels reached a critical low in September of 0.83 months, so competition was high among buyers and often units went into multiple offers and sold over the asking price.
So, it is definitely a Sellers Market.
Median Days for Condos to Sell are continuing to fall.
Annaul 2019 - 72 Days
Annual 2020 - 45 Days
Annual 2021- 22 Days
Median Sale Prices Condos Quail Ridge
2019 - $350,000
2020 - $385,000 Up 10 %
2021 - $406,603 Up 5.6%
Median Sale Prices Condos Academy Way
2019 - $440,776
2020 - $425,000 Down 3.6%
2021 - $445,000 Up 4.7%
Note - while the Median price is only showing an increase of 4.7%, it seems that prices have been rising much more sharply this fall as inventory has been very low and demand has still been good.
For example, the peak sale price of a two-bedroom unit last year was $442,000, and the peak this year was $512,000 which is an increase of 15.8%. With three-bedroom units the peak last year was $529,000 and this year $575,000, an increase of 8.7%
Bella Sera - 1795 Country Club Drive
Sales 2021- 6 units with a range of - $520,000-$565,000. (2020 - $375,000- $407,500.)
Sales of these units were keenly contested last year, which reflected in prices rising by 38.6% from their peak the previous year.
0 Currently for sale, and I understand there are a number of people still looking.
Casentino - 1950 Capistrano
Sales 2021 6 in the Range $850,000 - $920,000 (2020 $639,000 - $650,000).
Currently, 2 unit listed between $765,000 - $875,000.
0 Currently for sale.
Bella Veduta - 1910 Capistrano Drive
2 Sales - 1 Two Level $720,000 1 Three Level $930,000.
Currently no listings.
Fairway Heights - 2455 Quail Ridge Boulevard
2021 No Sales in this complex. 2020 (2 Sales - $667,500 - $679,000)
Currently, 0 Unit Listed.
Fiore Del Sol
2021- 3 Sales Range - 715,000 - $765,000 (2020 3 Sales - $624,100 - $877,500.)
Currently 0 Listings.
All were two-level units.
Deerhurst Estates - 3075 Vint Road
2 Sales Range $$630,000 to $691,000 (2020 -1 Sale $593,000.)
Currently Listed - 0.
Academy Ridge - 610 Academy Way
2021 22 Sales Range $489,900 - $639,900 (2020 - 11 Sales Range $479,900 - $504,900.)
0 Currently Listed on MLS®.
NOTE - not all sales may be shown on the MLS® system.
New Development - Country Club Drive / Via Centrale Townhomes
The proposed 23 Townhome development next to the Quail Ridge Golf Course has now started, and site work commenced in Fall 2021.
It is hoped that design and marketing materials will be released in the next 2 or 3 months, so please reach out to me and provide your contact details if you would like to receive more information.
Quail Ridge & UBCO Real Estate - My Forecast & things to watch out for in 2022.
1. Mortgage Rates are forecast to rise later this year, which will potentially dampen some demand.
2. Vancouver and the Lower Mainland Buyers, - as workers continue to be able to work from home, we have continued to see Lower Mainland Homeowners moving to Kelowna. This is likely to continue in 2022, as prices are seen to be a lot more affordable, in our area.
3. Low Inventory - remains at an all-time low, and as a result, I am expecting continuing upward price pressure. Traditionally during the winter months, there are fewer properties coming onto the market in the Quail Ridge & University area, and we usually start to see more listings when the golf course opens at the end of March, and more Condos when the students leave UBCO at the end of the School year in April.
4. Higher Prices may affect ROI for Investors - particularly in the condo market. If we continue to see prices rising up the levels they are, rental rates may not rise at the same percentage, which may affect the rate of return available for investors. This could have an effect on demand.
5. Ongoing Effects of the Covid 19 - as of the time of writing this newsletter, the start of the winter term at UBCO is largely going to be online, until at least January 24.
While we understand that the government is trying to keep education in person, if we have a particularly dangerous strain of the virus again, we may see schooling stay online which may affect the demand for condos in the area this school year.
That being said, affordability, in general, is affecting Buyers, we are seeing even more of a mixture of buyers of condos in the University area rather than investors & students attending UBCO.
So what does this mean ...
For the immediate future, I expect all sectors of the Quail Ridge & University Real Estate Market to show some upward price pressure. How much depends on Inventory levels, affordability for Buyers, Buyer Confidence, & the ongoing effects of Covid.
Buyers - as inventory is low, I would start your search early, particularly if you are looking for a condo for UBCO Students this year.
Sellers - it remains a Seller's market, but to gain the best price it is essential that your home is staged to show at its very best, is priced for the current market, & appropriately marketed, with professional photos and a virtual tour.
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 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