Low Single-family Inventory Drives Land Sales and Price Increases
Demand for Glenwild area homes continued in the first quarter of 2021; however, low single-family inventory drove buyers to purchase vacant land instead of homes. As a result, land prices climbed, and the average price for a Glenwild lot sold during the first quarter of 2021 was over $1.16 million. This trend is similar in the other Park City area gated golf course communities which also showed strong land sales and significant sales of developer to-be-built product. Glenwild is approximately 75% built out, so the hunt for available land to buy can be tough for buyers, and several trades during the first 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.
- Only one home sold during 1Q 2021, which was the home at 7145 Glenwild Drive that was listed at $4,850,000 or $620 per square foot.
- Two homes were pending sale at the end of the first quarter: 7418 Glenwild Drive listed at $6,500,000 or $564 per square foot and 685 Hollyhock listed at $3,395,000 or $435 per square foot.
- At the end of the first quarter, five homes were actively listed in Glenwild. The homes listed for sale ranged in price from $3,975,000 up to $9,500,000 and from $520 to $1,551 per square foot. Typically Glenwild has ten or more homes actively listed for sale, so if you are thinking of selling, now might be a great time to list your property!
- Four lots traded across the Park City MLS during 1Q 2021 at an average price of $1,161,250, and the average lot sold was 1.59 acres. This represents a 61.6% increase in the average price for a Glenwild lot over the year-end 2020 average price which was $718,650.
- Four lots were pending sale at the end of the first quarter and ranged in list prices from $680,000 up to $1,350,000. Three of the four lots pending sale were on the market for less than 16 days prior to going under contract.
- At the end of the first quarter, only one lot was actively listed for sale, which was lot 102 at 7137 Lupine Drive listed at $995,000 for 1.72 acres. Again, if you are considering listing your Glenwild land for sale, now is an excellent time with such low inventory.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, no single-family home sales closed during the first quarter of 2021. Two homes were pending sale as of March 31, and both of those were homes that are under construction. Two homes were actively listed for sale at the end of Q1, one at $8.5 million (1500 Red Fox Road) and another at $7.8 million (712 Moose Hill Road). Like Glenwild, inventory is tight in these communities, and if you are considering selling your property, now may be an ideal time. One land parcel sold during the first quarter of 2021, and that was Preserve lot 65 listed at $700,000 for 10.26 acres. Two lots were actively listed, both in Ranches at The Preserve: a 25 acre parcel at 1950 Red Hawk Trail listed for $1.3 million and a 15 acre parcel at 9029 Quail Ridge Lane listed at $1.595 million. I am working with several buyers looking for land in The Preserve and Ranches at The Preserve, so if you are thinking of selling, please let me know.
|Single Family Homes: Low inventory of available existing homes in each community slowed the pace of closed sales in the first quarter of 2021. However, active developers in the communities outside of Glenwild capitalized on the low inventory and placed many to-be-built developer homes under contract. In Promontory, Tuhaye, Victory Ranch, and Red Ledges, the vast majority of the pending sales are to-be-built developer 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. Glenwild showed the highest average sale price for single-family homes when compared to all of the communities, a position it also held at year-end 2020.|
|Vacant Land: The number of closed vacant land sales outpaced the sale of single-family home sales in each of the communities. Glenwild posted the highest average land sale price for the first quarter, beating out Victory Ranch that held that title at year-end 2020. Each community showed significant gains in average land sale prices. As mentioned previously, Glenwild’s average land sale price increased 61% between year-end 2020 and the end of Q1 2021. Not far behind, Red Ledges showed a 57% increase in land prices, Tuhaye posted a 35% increase, Promontory a 17% increase, and Victory Ranch registered just under a 10% increase over year-end 2020 average prices.|
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/Preserve area, and I have been a golf member at Glenwild since 2008.
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.