THREE GLENWILD HOMES SELL DURING THE THIRD QUARTER. AVERAGE PRICE PER SQUARE FOOT DECLINES SLIGHTLY.
Three homes sold in Glenwild during the third quarter, bringing the total to seven homes sold in Glenwild in 2024 at an average price over $5.6 million or $865 per square foot. This average price per square foot is a 3.7% decrease over the average price per square foot at year-end 2023, driven by discounts on older, un-renovated homes. The average sale price per square foot in Glenwild in 2024 has ranged from $436 up to $1,560 per square foot. The lower end of this range was for an older, un-renovated home, while the upper end of this range was for a newer construction home. Buyers are willing to pay a premium for turnkey product. Buyers don’t want to mobilize contractors or to wait while the renovations are done and are willing to pay a premium to avoid the work. At the end of the third quarter, there were seven homes listed for sale in Glenwild at prices ranging from $4.7 million up to $11.25 million. One home was pending sale.
One lot sold during the third quarter, only the second land sale in Glenwild thus far in 2024. The lot that traded during the third quarter was Lot 130 listed at $965,000. At the end of the third quarter, six lots were actively listed for sale at prices ranging from $1,495,000 up to $2,199,999.
As Glenwild becomes more built-out, finding available homes and land to buy can be a challenge for buyers, and some trades occur in off-market transactions. This report refers only to the sales disclosed on the Park City MLS in all communities for consistency and accuracy. However, I am aware of off-market listings as well as future listings, so please contact me if you are looking to buy or sell, so you can understand the entire spectrum of available inventory.
Glenwild Homes
- Three homes sold in Glenwild during the third quarter of 2024.
- The average sale price for a Glenwild home thus far in 2024 is over $5.6 million or $865 per square foot. This is a 3.7% decrease over the per square foot price at year-end 2023.
- As of September 30, 2024, one home was pending sale.
- At the end of the third quarter, there were seven homes actively listed for sale in Glenwild at prices ranging from $4.7 million up to $11.25 million.
Glenwild Land
- One lot traded in the third quarter, Lot 130 was listed at $965,000.
- Two lots have traded thus far in Glenwild at an average price of $1,462,500, nearly 22% above the average price at year-end 2023..
- At the end of the third quarter, no lots were pending sale.
- At September 30, 2024, six lots were actively listed for sale at prices ranging from $1,495,000 up to $2,199,999.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, two homes sold in the third quarter of 2024, bringing the total for the year to five homes sold. One home in Ranches at the Preserve priced at $8,970,000 and one home in The Preserve priced at $5,399,000 sold. At the end of the third quarter, one home in Goshawk Ranch was pending sale as well as one home in Stagecoach Estates. As of September 30, 2024, 12 homes were actively listed for sale in the communities surrounding Glenwild. Five of the 12 are in Stagecoach Estates, six of the 12 are in The Preserve/Ranches at The Preserve, and one home is in Goshawk Ranch.
While no land sales in the communities surrounding Glenwild closed during the third quarter of 2024, nine lots have sold in 2024. Seven of those sales were in The Preserve/Ranches at The Preserve, and two sales were in Stagecoach Estates. At the end of the third quarter of 2024, no lots were pending sale in those communities, and ten were actively listed for sale. Eight of the ten active listings are in The Preserve/Ranches at The Preserve, and two of the ten are in Stagecoach Estates.
Single-Family Homes
Single-family Homes: Once again, Glenwild tops the chart with the highest average sale price at over $5.6 million. Victory Ranch and Tuhaye posted average sale prices per square foot over $1,000, due to new construction sales. Promontory shows 47 pending home sales, driven by developer contracts on new construction homes not yet completed. Inventory levels in each of the communities are similar to inventory levels one year ago. When looking at average sale price per square foot in each community versus year-end 2023 figures, each community is down between 3 and 6%, with the exception of Tuhaye which is up over 12% where only two of the 19 closed sales in 2024 were of older homes. The downward pressure on price per square foot is largely driven by discounts on older, un-renovated product.
Vacant Land
Glenwild’s average land sale price places it in the middle of the pack when compared to the other golf communities. Victory Ranch’s average price is skewed high by the sale of one 53 acre lot for over $4 million. Tuhaye continues to post strong land sales closing 31 transactions thus far in 2024 at an average price of nearly $1.75 million. Land inventory levels in each of the communities is similar to the same period in 2023. When looking at pricing, average lot prices in each of the communities continues to climb when compared to the average sale prices at year-end 2023. Ignoring Victory Ranch with its impacted average, land pricing is up about 5-20% in each of the communities, with Glenwild posting the highest growth at nearly 22% over average land prices at at year-end 2023.
Please feel free to reach out to me with any questions about 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 sixteen 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. Additionally, my relationships in the community make me aware of off-market properties not listed on the MLS. If you are looking to buy or sell in the area, knowledge of those properties can be crucial to your overall strategy.
Sotheby’s International Realty has an incredible real estate network with 26,500 sales associates in 1,115 offices in 84 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 $143 billion of real estate transactions in 2023 and has a proven track record of success in the luxury real estate market. Sotheby’s International Realty is also the #1 most profiled luxury real estate brand in the press with over 65,600 placements.
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.
Sincerely,
Molly L. Campbell
Summit Sotheby’s International Realty
molly@mollycampbell.com
435-655-1208 mobile