INVENTORY BACK TO PRE-PANDEMIC LEVELS PRICE PER SQUARE FOOT IS UP OVER 2022 YEAR-END AVERAGE
Two homes sold in Glenwild during the second quarter of 2023, bringing the total number of homes sold in Glenwild during the first half of 2023 to four. The two homes that sold during the second quarter were the new construction home at 7385 Foxglove Court listed at $8,375,000 and the home at 795 Hollyhock that sold in an auction style bidding process. At the end of the quarter, the home at 7285 Foxglove, listed at $10.4 million, was pending sale and closed just after the quarter ended. Contact me if you would like more details on that transaction. The average price for a Glenwild home sold in the first half of 2023 was over $6.7 million or $938 per square foot, up from the $832 per square foot average at year-end 2022. At the end of the second quarter, ten homes were actively listed for sale in Glenwild at prices ranging from $4.4 million up to $8.5 million. This active inventory is on par with the amount of homes listed at year-end 2019 (pre-pandemic) which was eleven homes.
No lots traded during the second quarter of 2023, and only one lot sold during the first half of 2023. The one sale was lot 161 at 2.01 acres, and listed at $1.2 million. The average sale price for a Glenwild lot at the end of 2022 was just over $1.5 million, so this sale was slightly below that average. Six lots were actively listed at the end of the second quarter at prices ranging from $995,000 up to $2.3 million. At the end of the second quarter of 2019, there were six lots actively listed for sale, similar to the current inventory.
As Glenwild continues to grow in popularity, 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 several 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.
- Two homes sold in Glenwild during the 2nd quarter of 2023, and a total of four homes have sold during the first half of 2023.
- The average price for a home sold during the first half of 2023 was over $6.7 million or $938 per square foot, up from the $832 per square foot average at year-end 2022.
- One home was pending sale at the end of the second quarter of 2023, and that home was 7285 Foxglove listed at $10.4 million that closed quickly after the quarter ended.
- At the close of the second quarter, there were ten homes actively listed for sale in Glenwild at prices ranging from $4.4 million up to $8.5 million. This is about on par with the eleven homes that were listed at year-end 2019 (pre-pandemic).
- Details on the active listings can be viewed here.
- No lots traded in Glenwild during the second quarter of 2023, and one lot has sold during the first half of 2023.
- At the end of the second quarter, no lots were pending sale.
- At June 30, 2023, six lots were actively listed for sale at prices ranging from $995,000 up to $2.3 million. This inventory level is similar to 2019, pre-pandemic.
- Details on the active listings can be viewed here.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, no homes sold in the second quarter of 2023. At the end of the second quarter, no homes were pending sale in the neighborhoods surrounding Glenwild. As of June 30, 2023, nine homes were actively listed at prices ranging from $2.1 million in Stagecoach Estates up to $14.9 in Goshawk Ranch. The listings include five in The Preserve/Ranches at the Preserve, two in Goshawk Ranch, and two in Stagecoach Estates. A link to the active listings can be found here.
One lot sold in the communities surrounding Glenwild in the second quarter of 2023: 663 W Deer Hill Road, an 11 acre lot listed at $1,650,000. No lots were pending sale at the end of the quarter. Eleven lots were actively listed for sale on the MLS at June 30, 2023 at prices ranging from $599,000 in Stagecoach Estates up to $2.1 in The Preserve. A link to the active land listings in the communities surrounding Glenwild can be found here.
Single-family Homes: Glenwild topped the chart with the highest average sale price at $6.7 million and the largest average home size. Glenwild posted the third highest sale price per square foot. Victory Ranch shows the highest price per square foot, likely driven by the newly built, developer product sales at Victory Ranch. Average prices per square foot in each of the communities rose over the year-end 2022 averages, and inventory levels are generally back to 2019 levels in most communities.
Vacant Land: Victory Ranch posted the highest average lot sales price at the end of the second quarter of 2023, followed closely by Tuhaye. Tuhaye and Promontory continued to close sales of newly platted neighborhoods with contracts that were likely negotiated several months ago. Land inventory levels at the end of the second quarter of 2023 were similar to that at year-end 2022 in most communities with the exception of Promontory that had about 20 additional lots listed.
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 fifteen 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 – in fact, I have off-market listings in the area that are available. 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 26,000 sales associates in 1,000 offices in 81 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 $167 billion of real estate transactions in 2022 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 60,000 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.
Molly L. Campbell