Here is my latest market performance report for Real Estate in Quail Ridge & the University District of Kelowna during January to March 2022, based on MLS® listings & sales, together with my analysis of what to look out for in the coming months.
Quail Ridge / University District Real Estate
January 1, 2022, to March 31, 2022.
Summary for 3 Months January to March 2022 compared to 2021.
- Total MLS® Sales are down 2%.
- 22% decrease in Single Family Homes sales.
- 6% decrease in Condos sales.
- 71% decrease in Townhome Sales.
Homes - sales range $948,000 - $1,675,000.
Town Home - sales range $624,900 - $935,000
Condos - sales range $330,000 - $620,000.
Single Family Homes
Listings are traditionally quite low at this time of year in the Quail Ridge / UBCO area, as traditionally Sellers tend to put their homes on the market in Spring & Summer.
There have been some homes on the market this fall and winter, and there are currently 3 homes for sale in the price range of $1,299,000 to $2 million.
There have been no homes come up for sale in the Academy Way area, all listings have been in Quail Ridge and 1 listing, which expired on Dry-Valley Road.
Median Number of Days of the Market
YTD 2022 20 Days
Annual 2021 22 days
Annual 2020 50 days
Jan - Mar 2022 Sales Breakdown by Price -:
0 - under $800,000.
1 - $801,000 to $1m range.
6 - over $1m.
Median Home Prices
2019 - $735,000
2020 - $785,000 up 6.8%
2021 - $941,750 up 19.9%
2022 YTD - $1,230,000 Up 30%
Breakdown of sales by Complex / Area.
Academy Way 2022 - 19 2021- 15
Pinnacle Pointe 2022 - 5 2021 -10
Sienna Terrace 2022 - 0 2021 - 0
Pointe at Quail 2022 - 5 2021 - 6
Borgata Lodge 2022 - 1 2021 - 1
Academy Way sales were up on this time last year.
The highest-priced sales so far in 2022 - 3 bedroom unit $620,000, 2 Bedroom unit $528,800, 1 Bedroom or Studio - No sales.
Pinnacle Pointe - demand has been good, especially with Short Term rentals being permitted. The highest-priced sales so far 2022 - 3 bedroom - no sales, 2 Bedroom unit $575,000 & 1 Bedroom $460,000.
The Pointe at Quail - The Highest prices sales were 2 Bedroom and Den $574,000 & 1 Bedroom $420,000.
Inventory & Days on Market
Inventory in Quail Ridge has been very low for some time now, and new listings have tended to be snapped up quickly. There is currently 1 two-bedroom unit for sale, in Pinnacle Pointe, at $539,000. There are currently 11 listings in Academy Way, ranging from $399,000 for a 1 Bedroom to $520,00 for a 2 bedroom. There are currently no 3 bedroom units for sale.
Months of inventory is falling - currently, 1.07 months of inventory, compared to 1.92 months at this time in 2021 to 12 months in 2020. So expect competition to remain fierce if you are looking to buy this spring.
It remains a Sellers Market.
Median Days for Condos to Sell are continuing to fall.
March 2022 - 21 Days
March 2021 - 22 Days
March 2020- 29 Days
Median Sale Prices Condos Quail Ridge
Annual 2020 - $385,000
Annual 2021 - $406,603 Up 5.6 %
YTD 2022 - $460,000 Up 13.1%
Median Sale Prices Condos Academy Way
2020 - $425,000
2021 - $448,950 Up 5.6%
2022 - $552,500 Up 23%
As you can see prices have risen quite sharply since the beginning of the year, and I suspect the only reason the median sale price in Quail Ridge is not showing as having risen more, is due to there being 1 or 2 one-bedroom sales which are at the lower price range.
Bella Sera - 1795 Country Club Drive
Sales in Q1 2022 - 2 units with a range of - $624,900 -$690,000.
This has been the highest ever sale price for one of these units. Last year the highest sale was $565,000 in July 2021.
0 Currently for sale.
Casentino - 1950 Capistrano
There have been no units listed or sold in this complex so far this year.
Sales 2021 6 in the Range $850,000 - $920,000 (2020 $639,000 - $650,000).
Bella Veduta - 1910 Capistrano Drive
2022- There have been no units listed or sold in this complex so far this year.
2021 - 2 Sales - 1 Two Level $720,000 1 Three Level $930,000.
Currently no listings.
Fairway Heights - 2455 Quail Ridge Boulevard
1 Sale February 2022 - $935,000.
2021 No Sales in this complex. 2020 (2 Sales - $667,500 - $679,000)
Currently Listed -1 unit $979,900.
Fiore Del Sol
2022 - 1 sale of a 2 storey unit $815,000.
2021- 3 Sales Range - 715,000 - $765,000 (2020 3 Sales - $624,100 - $877,500.)
Currently 1 Listing - 2 Storey $929,000.
Deerhurst Estates - 3075 Vint Road
2022 - 0 Sales.
2021- 2 Sales Range $$630,000 to $691,000 (2020 -1 Sale $593,000.)
Currently Listed - 1 List Price $839,900.
Academy Ridge - 610 Academy Way
2022 - 2 Sales - $710,000 & $750,000.
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 - Quail Landing Townhomes
The proposed 24 Townhome development, Quail Landing, next to the Quail Ridge Golf Course broke ground in Fall 2021.
Design and marketing materials are to be scheduled to be released by the Developer sometime in April / May 2022, so please reach out to me and provide your contact details if you would like to receive more information.
Pricing should be out very soon.
Please note, that I am not the Listing Agent for this project, so will be representing any Buyers that would like assistance with the process.
This is not an offering for sale.
Quail Ridge & UBCO Real Estate - Forecast & things to watch out for in 2022.
1. Inventory - particularly in Quail Ridge has been very sparse of late, and as a result, we have seen a number of multiple offers resulting in sale prices going well over the asking price. This trend looks set to continue for now. There have been a few more listings in Academy Way, but strong sale prices are continuing to be good news for Sellers. As we get towards the end of April, I do expect the number of condo listings to rise, as students leave at the end of the school year.
2. Out of Town Buyers - Kelowna is firmly on the map now & we are seeing Buyers moving to the area from all over the Country. The University District used to be seen as a place where empty-nesters and UBCO Students lived, now, it has now become a community for a much wider range of Buyers, and hence there is more demand.
3. Interest Rates - BC Real Estate Associations Chief Economist wrote in his lastest Mortgage Forecast - "Uncertainty in global financial markets due to the Russian invasion of Ukraine could significantly delay Bank of Canada rate increases and may cause a reversal in the upward trend in long-term rates."
4. Higher Prices may affect ROI for Investors - As prices continue to rise, rental rates may not rise at the same percentage, which is likely to affect the rate of return available for investors, and may cause some to decide against purchasing.
So what does this mean ...
I expect inventory to improve over the next few weeks, but it is still so low. So, I expect all sectors of the Quail Ridge & University Real Estate Market will continue to show upward price pressure during the next few months.
Buyers - The pricing of Homes and Townhomes has remained more reasonable than some other areas of the City. So Quail Ridge still seems to be a good buy. If you are looking to purchase for a Student attending UBCO this Fall, you need to talk to me now about starting your search.
Sellers - it remains a Seller's market, so if your home shows well, and is priced correctly, you should expect to get a quick sale, close to or better than asking price.
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