COVID REAL ESTATE BOOM COMES TO AN END: SALES ACTIVITY SLOWS AND PRICES STABILIZE
The Park City and Glenwild real estate markets were active the first half of 2022 with prices peaking in the Park City real estate market in late April 2022. Federal Reserve policy quickly impacted the real estate market, and transaction activity slowed considerably in the second half of the year. The transition in mid 2022 marked the end of the Covid real estate boom which had a roughly two year run from June of 2020 to June of 2022. The market change ushered in a slower pace of transaction activity as many buyers waited on the sidelines, and numerous aspirational sellers pulled their listings off the market. While the pace of price increases slowed in the second half of 2022, inventory levels in most of the the Park City golf course communities was lower at year-end 2022 than at year-end 2019. No one can predict where the market is headed, but it is clear that the last several years brought considerable activity and price increases to each of Park City’s golf course communities. Most of the golf course communities posted 50%+ increases in average home prices and 100%+ increases in land prices. Average home prices in Glenwild increased 103% between year-end 2019 and year-end 2022. Average land prices in Glenwild increased 152% between year-end 2019 and year-end 2022. What a run!
Four homes sold in Glenwild during 2022. Three of those sales closed in March of 2022, and the fourth sold in the third quarter. The fourth sale was negotiated in 2021 as it was a newly built home that sold upon completion and had been pending sale for some time. By comparison, 18 Glenwild homes sold in 2020, and 11 Glenwild homes sold in 2021. The average price for a Glenwild home sold in 2022 was over $6.7 million or $832 per square foot, about a 48% increase over the average price at year-end 2021. At the end of 2022, eight homes were actively listed for sale in Glenwild at prices ranging from $5.35 million up to $14.0 million. This active inventory is less than the amount listed at year-end 2019 which was eleven homes.
Six lots sold in Glenwild during 2022, and four of those sales closed in the first quarter while the other two sold in the second quarter. The average sale price for a Glenwild lot in 2022 was just over $1.5 million, up nearly 41% over the average price at year-end 2021. Five lots were actively listed at year-end 2022 at prices ranging from $1.65 million up to $2.99 million. Again, inventory levels are lower than at year-end 2019 when 16 lots were actively listed for sale.
With inventory levels below those of year-end 2019, 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.
- Average home prices in Glenwild increased 103% between year-end 2019 and year-end 2022.
- The average price for a Glenwild home sold in 2022 was just over $6.7 million or $852 per square foot. This is about a 48% increase over prices at year-end 2021.
- Four homes sold in Glenwild in 2022, most in the first quarter. This is considerably lower than in 2021 when eleven homes sold.
- Two homes were pending sale at the end of 2022. One is 7385 Foxglove that is currently under contruction and will close upon completion. The other is 7965 Glenwild Drive that will close in March of 2023.
- There are currently eight homes actively listed for sale in Glenwild at prices ranging from $5.35 million up to $14.0 million. This is lower than the eleven homes that were listed for sale at year-end 2019, indicating inventory remains tight.
- Details on the active listings can be viewed here.
- Average land prices in Glenwild increased 152% between year-end 2019 and year-end 2022.
- The average sale price for the lots sold in 2022 was $1,541,667, an increase of almost 41% over the price at year-end 2021.
- Six Glenwild lots sold in 2022, this is down from the 14 lots that sold in 2021.
- At December 31, 2022 one lot was pending sale, lot 161 priced at $1.2 million.
- At December 31, 2022, five lots were actively listed for sale at prices ranging from $1.65 up to $2.99 million. This is lower than the 16 lots that were listed at year-end 2019, indicating inventory levels are still low.
- Details on the active listings can be viewed here.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, ten homes sold in 2022: five in The Preserve/Ranches at The Preserve, four in Stagecoach Estates, and one in Goshawk Ranch. The sales raged in price from about $1.9 million for a 4-bedroom cabin on over ten acres in Stagecoach Estates up to nearly $8 million for a home in The Preserve on over ten acres. At year-end 2022, no homes were pending sale in these neighborhoods, and seven homes were actively listed at prices ranging from $1.9 million up to just under $15 million. A link to these active listings can be found here.
Six vacant lots sold in the communities surrounding Glenwild in 2022: three in The Preserve and three in Stagecoach Estates. The lots that sold were priced from $479,000 for 10 acres in Stagecoach Estates up to $1.95 million for seven acres in The Preserve. No lots were pending sale at the end of 2022, and nine lots were actively listed for sale on the MLS at December 31, 2022. A link to the active land listings in the communities surrounding Glenwild can be found here.
Glenwild Compared to Other Gated Golf Communities
Single-family Homes: Glenwild tops the chart with the highest average sale price at over $6.7 million and the largest average home size. Victory Ranch posted the highest price per square foot, followed by Promontory. This is driven by newly built, developer product sales. Average prices in Promontory and Victory Ranch declined slightly in 2022 over 2021 mostly due to the smaller size of the developer built homes being sold. However, average price per square foot in both of those communities was up over 2021 at year-end 2022.
Vacant Land: Victory Ranch posted the highest average lot sales price at the end of 2022 at just over $2.0 million, with Glenwild and Tuhaye coming in second and third, respectively, around $1.5 million. Victory Ranch has an average lot size of 3.41 which is driving average prices higher. When looking at price per acre, Glenwild and Tuhaye top the chart at just under $1.2 million. Tuhaye posted an extraordinary number of closed sales in 2022 as that community released and sold two newly platted neighborhoods in 2022.
Single Family Homes: Looking at sales activity and prices over the period from 2019 to 2022, several conclusions can be drawn. Single-family inventory levels are generally below inventory levels in 2019, indicating the market could still be supply constrained. The number of homes sold in the golf communities in 2022 was about equal to the number sold in 2019, with the exception of Tuhaye that released several new neighborhoods during the last sales cycle. The average price for a home in Glenwild increased 103% over the period from 2019 to 2022, and increased 81% on a per square foot basis during the same period. By comparison, average prices in Promontory increased 52% from 2019 to 2022, and the per square foot prices increased 91%. In Red Ledges, average prices increased 94% from 2019 to 2022, and the per square foot prices increased 71%. Each of the communities in this report reported substantial price increases during the last real estate cycle.
Vacant Land: Like single-family homes, inventory of vacant land in the Park City golf communities is generally below that of 2019, indicating inventory levels are not oversupplied. The number of vacant lots sold in the golf course communities in 2022 was generally on par with the number sold in 2019, with the exception of Tuhaye that released several new phases of development over the past two years. Average land prices in Glenwild increased 152% over the period from 2019 to 2022, and Tuhaye increased 167%. Each of the communities in this report posted well over 100% price growth in the period 2019-2022 with the exception of Red Ledges where average land prices increased 84% in that same period. Vacant lots are becoming increasingly scarce in Glenwild as the community reaches maturity and is approaching build-out. With a total of 144 completed homes in Glenwild and 16 homes currently under construction, that means only 34 vacant lots remain.