The Trend Continues:Lower Standing Single-family Inventory Drives Land Activity and Price Increases
Demand for Glenwild area homes continued in the second quarter of 2021, which lead to a decline in standing inventory. At the end of the second quarter, only two homes were actively listed for sale in Glenwild compared to five homes that were listed for sale at the end of the first quarter. Seven homes sold during the second quarter with four of the seven homes being listed and also sold during the quarter. This trend implies that well-priced listings are being sold quickly and are not adding to the standing inventory of homes. Given the low standing inventory, it’s not surprising that many buyers are turning to vacant land and are planning to build their own homes.
During the second quarter, six Glenwild lots traded across the MLS, and one lot was pending sale at the end of the quarter. The average price for a Glenwild lot sold during the second quarter of 2021 was $943,333, and the average sale price per acre in Glenwild climbed from $908,858 in the first quarter to $962,814 in the second quarter. This trend is similar in the other Park City area gated golf course communities which also showed strong land activity and price increases.
Glenwild is approximately 75% built out, so finding available homes and land to buy can be tough for buyers, and some trades during the second quarter occurred in off-market transactions. This report refers only to the sales disclosed on the Park City MLS in all communities for consistency and accuracy.
- Seven homes sold during Q2 2021, an increase in activity over Q1 when only one home sold.
- The average sale price for the homes sold during Q2 was $4,168,857 or $540 per square foot.
- The average days on market for the homes sold was 70 days with four of the seven homes selling in 24 days or less.
- One home was pending sale at the end of Q2 which was 7994 Glenwild Drive listed at $2,985,000 or $703 per square foot.
- Two homes were actively listed for sale at the end of Q2 2021. The homes listed for sale were 8066 N. Red Fox Court listed at $9,300,000 or $641 per square foot and 7145 Glenwild Drive listed at $4,750,000 or $607 per square foot. With only two homes listed on the MLS now might be an excellent time to list your home for sale!
- Six Glenwild lots traded across the Park City MLS during 2Q 2021 at an average price of $943,333, and the average lot sold was 1.07 acres. While this average price is a slight decrease from the average sale price at the end of Q1, it still marks an increase in the average price per acre for land in Glenwild which now stands at $962,814.
- The average days on market for the six lots sold during Q2 was 63 days with five of the six lots selling in under sixteen days.
- One Glenwild lot was pending sale at the end of the second quarter: lot 146 at 680 Hollyhock listed at $1,185,000 for 1.18 acres.
- At the end of the second quarter, three lots were actively listed for sale. Lots 101 and 102 were listed at $940,000 and $995,000, respectively. The lot at 8085 N. Red Fox Court or Preserve lot 14 inside the Glenwild community was listed at $4,850,000 for 14 acres.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, one single-family home sold during the second quarter of 2021, a three-bedroom Stagecoach Estates home listed at $1,600,000 on 14 acres. Three homes were pending sale as of June 30, and two of the three were homes that are under construction. Three homes were actively listed for sale at the end of Q2: 1500 Red Fox Road at $7.2 million, 960 W. Deer Hill Road listed at $5.9 million, and 1715 W. Red Hawk Court at $5.2 million. Like Glenwild, inventory is tight in these communities, and if you are considering selling your property, now may be an ideal time.
Two land parcels sold during the second quarter of 2021, and both were in Ranches at the Preserve: 1950 W. Red Hawk Trail listed at $1.3 million and 9029 Quail Ridge Lane listed at $1.595 million Two lots were pending sale at the end of the second quarter, one in The Preserve listed at $1,495,000 and one in Stagecoach Estates listed at $450,000. Only two lots were actively listed for sale in the area at the end of the second quarter, and those are located in The Preserve and Ranches at The Preserve and are priced at $3.4 million and $12.0 million. Again, with low standing inventory, now might be an ideal time to list your Preserve, Goshawk Ranch or Stagecoach lot!
|Single Family Homes: Coming out of winter, each community showed a slight up-tick in the number of closed single-family homes sales over Q1. Each of the communities with the exception of Glenwild still has active developer inventory, and those developers are capitalizing on the current market conditions. In Promontory, Tuhaye, Victory Ranch, and Red Ledges, many of the pending sales are to-be-built developer homes rather than existing homes. In general, these homes will take 12-18 months to build, so they will post as pending sales for a considerable amount of time. Victory Ranch took over the number one spot for the highest average sale price during Q2, driven by one of the two closed sales that sold for over $7 million. Glenwild held the spot for the highest average sale price at the end of Q1.|
|Vacant Land: Each of the communities saw strong land sales, and communities like Promontory and Red Ledges with additional land parcels to release capitalized on the market conditions by releasing new inventory. Victory Ranch posted the highest average land sale price for the second quarter, and five of the ten lots sold in Victory Ranch traded between $1.0 and $1.5 million. Glenwild’s closed sales in 2Q were generally smaller lots, so the average price declined slightly in 2Q, but the average sale price per acre continued to increase. Each community outside of Glenwild showed gains in average land sale prices. Promontory showed a significant jump as it sold lots in its premier gated neighborhood, The Pinnacle at Promontory. Victory Ranch also posted a solid price gain over Q1 as it closed five $1 million+ sales.|
Please feel free to reach out to me with any questions on this market update, and consider me a resource for real estate information in the Glenwild area and beyond. My office is located at the Summit Sotheby’s real estate offices inside the Glenwild Lifestyle Center. With over thirteen years of experience selling real estate in Park City, I have listed and sold several properties in the Glenwild area, and I have been a golf member at Glenwild since 2008. During the second quarter I represented the buyers at 7995 Glenwild and also the sellers at 7994 Glenwild Drive. I also represented buyers of a lot in Stagecoach Estates. Lastly, Summit Sotheby’s International Realty represented more buyers and sellers of Glenwild real estate in the last six months than any other brokerage.
Additionally, Sotheby’s International Realty has an incredible real estate network with 24,000 sales associates in 1,000 offices in 75 countries around the world, and I can match you with highly qualified real estate professionals wherever you may be transacting. Sotheby’s International Realty brokered over $150 billion of real estate transactions in 2020 and has a proven track record of success in the luxury real estate market. I look forward to assisting you with your real estate needs wherever they may be, and please let me know if you have a friend or neighbor who would like to receive these quarterly real estate updates.