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.
|Single Family Homes||
- 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 Heights and 2 in Casentino.
Condos - Academy Way saw a higher level of inventory than usual, with fewer Investors and fewer Buyers from the Lower Mainland, due partially to lower Buyer confidence & stalled Vancouver and Lower Mainland Real Estate Markets.
- Quail Ridge, some Sellers decided to wait for a Market recovery and others experienced 'challenges' selling during construction repairs at the Pointe at Quail.
Single Family Homes
Single-Family home inventory was fairly consistent.
Median Days of Market
2019 - 74 days - homes took more than twice as long to sell.
2019 - 30 days
2017 - 35 days
2019 Sales Breakdown by Price -:
1 - under $600,000.
19 - $600,000 to $1m range.
2 - over $1m.
Currently, 12 Single Family Homes listed with 3 listed over $1m in Capistrano Peaks.
Point to Note - the new homes being built in University Heights are being sold through the Developers sales office, so we are not seeing these numbers on the MLS® system.
Median Home Prices
2017 - $694,600
2018 - $746,250 up 7.4%
2019 - $735,000 down 1.5%
Condo inventory was higher due to more listings than usual in Academy Way, where some investors decided to 'cash out'.
Sales numbers for Quail Ridge were broadly similar to the previous year and a modest increase in Academy Way numbers as U Six & U Seven took occupancy & became part of the re-sale market.
Academy Way 2019 - 26 (2018 - 21)
Pinnacle Pointe 2019 -12 (2018 -16)
Sienna Terrace 2019 - 1 (2018 - 0)
Pointe at Quail 2019 - 6 (2018 - 7)
Borgata Lodge 2019 - 1 (2018 - 3)
Sales in Academy Way improved after a weak start, as prices fell and Buyers & Investors took advantage.
In Pinnacle Pointe, some Sellers weren't prepared to sell as prices fell, resulting in less inventory, so we may see more hit the market this year.
The Pointe at Quail - sales numbers and prices were affected by the repair work to the building. Work remains in progress and will be finished in 2020. My expectation is for sales numbers & prices to improve this year.
There was good 'take up' in the new U Eight development, particularly of the smaller units, but the Developer still has some 2 & 3 Bedroom units to sell. (Sales were undertaken outside of the MLS® system.) The Buyers will take possession in August 2020.
Inventory & Days on Market
Inventory was higher, particularly in Academy Way, which explained the downward price pressure, being at a higher percentage than Quail Ridge, and Median Days to Sell increased by nearly a month.
2017 - 23 days.
2018 - 45 days.
2019 - 72 days
Median Sale Prices Quail Ridge
2017 - $330,250
2018 - $374,740 Up 13.5 %
2019 - $350,000 Down 6.6 %
Median Sale Prices Academy Way
2017 - $400,000
2018 - $486,250 up 21.6%
2019 - $442,476 Down 9%
Point to Note - 3 Bedroom units were the most popular style of Condo purchased, in Academy Way, and the number of U Two units sold was lower due to the lack of access & repairs from water damage which were ongoing in part of the complex last year.
Bella Sera - 1795 Country Club Drive
Sales improved with 7 units sold between $380,500 & $410,000.
There are currently 2 units listed between $384,900 & $399,000.
Casentino - 1950 Capistrano Drive -:
There were three sales in this complex last year ranging between $640,000 and $717,000.
Currently, no units Listed.
Fairway heights - 2455 Quail Ridge Boulevard
2 Sales last year $688,000 - $694,000.
Currently, 1 Unit Listed $684,900.
Deerhurst Estates - 3075 Vint Road
1 Sale $570,000.
Currently Listed - 1 $599,999
Academy Ridge - 610 Academy Way
These units have just launched on the MLS® system.
-154 Residential Townhomes - current price ranges on MLS® $479,900 - $494,900 plus GST.
- 3 Bedrooms, 3 Bathrooms
- 1406 square feet on 3 levels.
Country Club Drive Townhomes
A reminder that this year will probably see the breaking ground of the 23 Town Homes next to the Quail Ridge Golf Course.
No prices have been advised yet.
Forecast for Quail Ridge and UBCO for 2020.
Overall Quail Ridge and the University area didn't see median prices fall quite as much as some other areas of the City, sales definitely took longer, however indications are that we have seen the bottom of the current Real Estate cycle.
Towards the end of the year, Kelowna experienced an uptick in buyer activity, and I have already experienced 1 multiple offer in the Quail Ridge area in 2020.
I am therefore much more optimistic in my 2020 forecast. I am predicting a higher level of Buyer activity and, providing we do not see inventory levels go too high, a modest improvement in pricing.
Buyers - you may want to start looking sooner rather than later, as the spring market could be busy and with lower inventory competition for properties could be strong, particularly in the more affordable price points.
Sellers - we are currently in a balanced market, and with the Real Estate Market improving in the Lower Mainland, you should experience more showings and prices should start to firm up as the year progresses.
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