Real Estate Stats

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.

Glenwild Homes

• 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.

Glenwild Land

• 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

SALES ACTIVITY SLOWS

One home sold in Glenwild during the third quarter, and only four homes have sold in Glenwild during the first three quarters of 2022. By comparison, nine Glenwild homes sold in the first three quarters of 2021. The home that sold during the third quarter of 2022 was a newly constructed home at 1233 Snowberry Street that was listed at $8.1 million. That transaction had been pending sale since March of 2022 after receiving multiple offers, and it closed on September 21, 2022 when the home was completed. The average single-family home price in Glenwild for the first three quarters of 2022 was $6,700,122 or $832 per square foot. This marks a 48% increase over the year-end 2021 average price. At September 30, 2022, seven homes were actively listed in Glenwild, compared to six homes that were listed at the end of the second quarter, marking only a slight increase in inventory. However, the Glenwild HOA reports that eighteen homes are under construction, and about eight of those are spec homes that could become future listing inventory.

During the second quarter of 2022, one Glenwild lot traded across the MLS and no lots were pending sale at the end of the quarter. A total of six lots have sold in Glenwild during the first three quarters of 2022 compared to twelve lots that sold during the first three quarters of 2021. The average sale price for the Glenwild lots sold January 1 to September 30, 2022 was $1,541,667, marking an increase of nearly 41% over the average sale price at year-end 2021. At September 30, 2022 six lots were actively listed for sale, the same number as were listed at the end of the second quarter.

Sometimes 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.

Homes

• One home sold during the third quarter of 2022. That home was 1233 Snowberry listed at $8.1 million and was new construction and closed upon completion.
• The average sale price for single-family homes in Glenwild for the first three quarters of 2022 was $6,700,122 or $832 per square foot. This represents a 48% increase in pricing over the year-end 2021 average price.
• Two homes were pending sale at the end of the second quarter. One pending sale is the home currently under construction at 7385 Foxglove Court that will close upon completion of the home. The other pending sale is 1283 Snowberry, listed at $4.88 million.
• Inventory of active listings remained fairly stable at seven listings, up from six listings at the end of the second quarter. The homes listed range in price from $4,995,000 up to $14,000,000. Details on the active listings can be viewed here.

Land

• One lot sold in Q3 2022, that was lot 62 at 1146 Snowberry that was 1.78 acres and was listed at $1,550,000.
• The average sale price for the six lots sold through the first three quarters of 2022 was $1,541,667, representing nearly a 41% increase over the year-end 2021 average.
• During the first three quarters of 2022 six Glenwild lots sold, down from the twelve lots that sold during the same period in 2021.
• At September 30, 2022 no lots were pending sale.
• At September 30, 2022, six lots were actively listed for sale, the same number as were listed at the end of the second quarter. The listing prices for the six lots on the market ranged in price from $1,100,000 up to $2,999,000 million and can be viewed at the link here.

The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates

In the communities surrounding Glenwild, four homes sold during the third quarter of 2022. Two homes in The Preserve sold, one home in Stagecoach Estates and one home in Goshawk Ranch. The homes that sold were listed at prices ranging from $1,750,000 for a home in Stagecoach Estates up to $7,900,000 for a home in The Preserve. At the end of the third quarter there was one home pending sale in the communities outside of Glenwild, and that home is under construction and located in The Preserve. It has been pending sale since September of 2020, and the sale will close when the home is completed. At the end of the third quarter there were seven homes listed for sale in the communities surrounding Glenwild at prices ranging from $1,975,000 for a home in Stagecoach Estates up to $17,900,000 for a horse ranch in Goshawk Ranch. A link to these active listings can be found here.

No vacant lots sold in the communities surrounding Glenwild in the third quarter of 2022. One lot was pending sale at the end of the second quarter – lot 17 in The Preserve listed at $1,750,000 for 11.41 acres. As of September 30, 2022, there were eight lots actively listed: five in The Preserve, one in Ranches at The Preserve and two in Stagecoach Estates. The lots are listed at prices ranging from $850,000 up to $2,595,000. 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: Single-family listing inventory increased over the summer in each of communities, which is typical in golf course communities. However, the inventory levels, in general, are not yet back to 2019 or pre-pandemic levels. The number of homes pending sale at the end of the third quarter was about equal in each of the communities to the number pending sale at the end of the second quarter. Average pricing remained relatively stable between the second and third quarters, with some communities posting slight decreases, with the exception of Glenwild that increased from about $6.1 to about $6.7 million. Victory Ranch topped the per square foot pricing metric at $909 per square foot through the three quarters of 2022, followed by Promontory at $874. Both of these communities have a substantial amount of newly built inventory that sold which is driving higher per square foot pricing and a smaller average home size than Glenwild. Glenwild has the highest average sale price at over $6.7 million.

Vacant Land: Vacant land inventory increased in each of the communities when compared to the second quarter of 2022 and to the third quarter 2021; however, inventory levels are still below 2019 levels. The number of closed sales through the third quarter of 2022 is down from sales levels for the same period in 2021 with one exception, Tuhaye. Tuhaye closed several land sales in two newly platted subdivisions over the summer. Average pricing for Tuhaye has steadily increased and is closing in on Glenwild, and Tuhaye’s average price per acre is slightly higher than Glenwild’s. Victory Ranch had the top average price for land in the first three quarters of the year at close to $2 million. This is driven by the sale of larger, estate lots that sold in the $2-3 million range. The number of lots sold in each of the communities through the third quarter exceeds the number of sales in 2019 in all communities except Victory Ranch, indicating the communities are still popular with buyers.

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 fourteen 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.

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 $204 billion of real estate transactions in 2021 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.

Sincerely,

Molly L. Campbell
molly@mollycampbell.com
435-655-1208 mobile
Certified Luxury Home Marketing Specialist, CLHMS
Million Dollar Guild Member – Institute for Luxury Home Marketing
GREEN Certified Realtor
Summit Sotheby’s Top Tier Agent – 2014 to 2022
RealTrends America’s Best Realtors, Top 1.5% Nationwide – 2019, 2020 & 2021

Inventory Increases, Prices Begin to Stabilize

Single-family home prices remained stable in Glenwild during the second quarter of 2022 as no homes sold during the quarter. The average single-family home price in Glenwild remained at an average of $6,166,667 or $779 per square foot as of June 30, 2022. This marks a 36% increase over the year-end 2021 figure. At June 30, 2022, six homes were actively listed in Glenwild, an increase from the one home that was actively listed at the end of the first quarter. The Glenwild HOA reports that sixteen homes are actively under construction, and about eight of those are spec homes that could become future listing inventory.

During the second quarter of 2022, two Glenwild lots traded across the MLS and one was pending sale at the end of the quarter. The average sale price for the lots sold through June 30, 2022 in Glenwild was $1,550,000, an increase of over 42% versus the average sale price at year-end 2021 and a $100,000 increase over the average at the end of the first quarter of 2022. At June 30, 2022 six lots were actively listed for sale, an increase over the two lots that were listed for sale at the end of the first quarter.

Glenwild is approximately 80% built out, so 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.

Homes

• No single-family homes sold in Glenwild during the second quarter of 2022.
• The average sale price for single-family homes in Glenwild for the first half of the year was $6,166,667 or $779 per square foot. This represents a 36% increase in pricing over year-end 2021.
• Two homes were pending sale at the end of the second quarter, and both were homes that are currently under construction – 1233 Snow Berry and 7385 Foxglove Court. Those sales will close upon completion of the homes.
• Inventory of active listings increased from one listing at the end of the first quarter of 2022 to six homes listed at the end of the second quarter. The homes actively listed range in price from $4,880,000 to $7,600,000. Details on the listings can be viewed here.

Land

• Two lots sold in Q2 2022 and were priced at $1,499,000 and $2,475,000. The lots were 1.29 and 1.22 acres.
• The average sale price for the lots sold through the first half of 2022 was $1,550,000, representing a 42% increase over the year-end 2021 average.
• The average days on market for the lots sold in Q2 2022 was 50 days.
• At June 30, 2022 one lot was pending sale, lot 62 listed at $1,550,000.
• At June 30, 2022, six lots were actively listed for sale, representing an increase over the two lots that were listed at the end of Q1. The listing prices for the six lots on the market range in price from $1.2 million up to $2.99 million and can be viewed at the link here.

The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates

In the communities surrounding Glenwild, three homes sold during the second quarter of 2022. Two homes in Ranches at The Preserve sold, and one home in Stagecoach Estates. The homes that sold were listed at prices ranging from $4.2 million up to $7.35 million. There is currently one home pending sale in the communities outside of Glenwild, and that home is under construction and has been pending sale since September of 2020. The sale will close when the home is completed. Inventory in these communities is up, and there are eleven homes currently listed for sale at prices ranging from $950,000 for a cabin in Stagecoach Estates up to $17.9 million for a horse ranch in Goshawk Ranch. A link to these active listings can be found here.

One vacant lot sold in the communities surrounding Glenwild in the second quarter of 2022. That lot was located in The Preserve and was a 7.5 acre lot listed at $1,950,000. No lots were pending sale at the end of the second quarter, and there are currently nine lots actively listed: five in The Preserve, two in Ranches at The Preserve and two in Stagecoach Estates. The lots are listed at prices ranging from $850,000 up to $2,595,000. A link to the active land listings in the communities surrounding Glenwild can be found here.

Glenwild Compared to Other Gated Golf Communities

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 fourteen 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.
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 $204 billion of real estate transactions in 2021 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.

Low Standing Inventory and Increasing Prices Continue

Three homes sold in Glenwild during the first quarter of 2022. The average price for the homes sold during the first quarter was $6,166,667 or $779 per square foot. This marks a 36% increase over the year-end 2021 figure. At March 31, 2022, only one home was actively listed for sale in Glenwild, and one home was pending sale. The Glenwild HOA reports that sixteen homes are actively under construction, and about eight of those are spec homes that could become future listing inventory.

During the first quarter of 2022, three Glenwild lots traded across the MLS and one was pending sale at the end of the quarter. The average sale price for the lots sold during the first quarter of 2022 was $1,450,000, an increase of over 32% versus the average sale price at year-end 2021. At March 31, 2022 two lots were actively listed for sale at prices ranging from $1,900,000 to $1,950,000.

Glenwild is approximately 80% built out, so 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.

HOMES

• Three Glenwild homes sold during the first quarter of 2022. The homes that sold ranged in listing price from $4.7 million for 7980 Glenwild Drive up to $7 million for both 340 Hollyhock and 785 Mountain Holly Lane.
• The Q1 2022 average sale price for a Glenwild home was $6,166,667 or $779 per square foot. This represents a 36% increase in pricing over year-end 2021. The average days on market for a Glenwild home in the first quarter of 2022 was 28 days, indicating a brisk market for well-priced inventory.
• The one home pending sale at the end of the first quarter of 2022 was 1233 Snowberry that is currently under construction and scheduled to be complete by late summer or fall. This sale will close upon completion of the home.
• Only one home was actively listed for sale in Glenwild at the end of the quarter, and that was 7628 Glenwild Drive, listed at $7,595,000. Details on that home can be viewed here. With only one home actively listed, now might be an excellent time to list your home for sale!

LAND

• Three lots sold in Q1 2022 and ranged in price from $1,100,000 to $1,750,000 and size from 1.12 to 1.33 acres.
• The average sale price for the lots sold in Q1 2022 was $1,450,000, representing a 32% increase over the year-end 2021 average. The average days on market for the lots sold in Q1 2022 was 38 days.
• As of March 31, 2022 one lot was pending sale, lot 61 listed at $1,499,000.
• As of March 31, 2022, two lots were actively listed for sale at prices ranging from $1.9 million up to $1.95 million and can be viewed at the link here.

The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates

In the communities surrounding Glenwild, three homes sold during the first quarter of 2022. Two homes in Stagecoach Estates sold, and one home in The Preserve sold. The Stagecoach Estates homes were listed at $850,000 and $3,2 million, indicating a broad range of prices in this up-and-coming neighborhood near Glenwild. The home that sold in The Preserve was 960 W. Deer Hill Road listed at $5.65 million. There are currently three homes pending sale, which are all in The Preserve and Ranches at The Preserve. There are currently four homes on the market at prices ranging from $2.45 million up to $9.6 million. A link to these active listings can be found here.

Two lots sold in the communities surrounding Glenwild in the first quarter of 2022, and both were located in Stagecoach Estates. The lots were listed at $469,900 and $525,000. One lot listed at $1.8 million in The Preserve is pending sale, and three lots in The Preserve/Ranches at The Preserve are listed at prices ranging from $1.65 million up to $2.6 million. 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: The number of closed home sales in each of the communities during the first quarter was on par with that of the first quarter of 2021. Inventory is slightly higher with a total of 44 homes listed for sale at the end of Q1 2022 compared to 37 at the end of Q1 2021. Glenwild leads the group with the highest average sale price by far at over $6 million. However, Victory Ranch holds the top spot for average sale price per square foot at $898 per square foot, followed by Promontory at $863 per square foot. These higher per square foot values are likely driven by developer and new construction sales. Each of the communities posted an increase in average sale price per square foot over year-end 2021. (It should be noted that this data only includes single-family home sales, no twin homes or townhomes are included in this data.)

Vacant Land: A similar number of lots sold in the communities during Q1 2022 when compared to Q1 2021. Listing inventory levels are similar as well. There is a decrease in the number of pending sales at the end of Q1 2022 when compared to Q 2021, which could be driven by newly released inventory by communities like Promontory and Tuhaye in 2021 being absorbed by buyers. Victory Ranch posted the highest average sale price at the end of the quarter at $2,425,000; however, the data could be skewed by the sale of a nearly 6 acre lot that sold for. $3 million. Glenwild has the highest average sale price per acre, followed by Promontory and then Tuhaye. Each of the communities posted considerable average price growth when compared to the year-end 2021 averages.

Single-family Home Sales Slow Due to Inventory ConstraintsLand Sales and Prices Continue to Soar

The year closed with eleven homes trading across the MLS in Glenwild, down from the eighteen homes that sold in 2020. This decline was driven primarily by a lack of standing inventory of single-family homes to sell. The average price for a Glenwild home sold in 2021 was $4,520,591 or $565 per square foot which represents a 7.5% increase over prices in 2020 when the average home sold for $4,203,528 or $552 per square foot. However, it should be noted that of the eleven homes sold in 2021, all were older homes originally built between 2003 and 2009, and many of the buyers planned to do significant renovations to the homes. The eighteen homes sold in 2020 were of varying ages and included several newer builds. Thus, it’s likely the actual price appreciation for a Glenwild home in 2021 was greater than 7.5%. At the end of 2021, only two homes were actively listed for sale in Glenwild, and no homes were pending sale. Given the low single-family inventory available throughout the year, many buyers turned to buying vacant land to build their own homes. The Glenwild HOA reports that seventeen homes are actively under construction, and about eight of those are spec homes.

During 2021, fourteen Glenwild lots traded across the MLS, none were pending sale at year-end, and three were actively listed for sale as of December 31, 2021. This sales activity is similar to that of 2020 when eighteen lots traded across the MLS in Glenwild. With low single-family inventory, it’s not surprising that the average price for a Glenwild lot increased 52% in 2021. The average lot price at year-end 2020 was $718,650 and climbed to $1,093,929 at year-end 2021.

Glenwild is approximately 75-80% built out, so finding available homes and land to buy can be tough for buyers, and some trades during the year likely 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.

HOMES

• Eleven homes sold in Glenwild in 2021, a decrease in activity over 2020 when eighteen homes sold. This decrease in activity is likely due to inventory constraints.
• The 2021 average sale price for a Glenwild home was $4,520,591 or $565 per square foot. This represents a 7.5% increase in pricing over 2020. However, the homes sold in 2021 were older inventory, and the sales in 2020 represented a blend of newer and older inventory, so actual price appreciation could be greater.
• The average days on market for a Glenwild home in 2021 was 86 days. However, six of the eleven homes sold were on the market for 40 days or less, indicating a brisk market for well-priced inventory.
• No homes were pending sale in Glenwild at year-end 2021.
• Two homes were actively listed for sale at year-end and can be viewed at the link here. One of the active listings was an existing home and one was a home under construction. With only two homes listed on the MLS, now might be an excellent time to list your home for sale!

LAND

• Fourteen Glenwild lots traded across the Park City MLS 2021 at prices ranging from $575,000 up to $2,000,000.
• The average sale price for the lots sold in Glenwild in 2021 was $1,093,929 with an average lot size of 1.33 acres. This represents a 52% increase over the average land sale price in 2020.
• The average days on market for the lots sold in 2021 was 199 days with nine of the fourteen sales on the market for under 60 days.
• At year-end no lots were pending sale.
• As of December 31, 2021, three lots were actively listed for sale at prices ranging from $1,250,000 up to $1,800,000 and can be viewed at the link here.

The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, eight single-family homes sold during the 2021. Six of the eight sales were in The Preserve and Ranches at The Preserve and the other two were in Stagecoach Estates. The Preserve area homes sold at prices ranging from $2.6 million up to $8.1 million and $610 to $928 per square foot. The Stagecoach Estates homes sold at $655,000 (two bedroom cabin) and $1.5 million or $407 and $556 per square foot. At year end, five homes in the areas surrounding Glenwild were listed for sale with active listings in Ranches at The Preserve, Goshawk Ranch, and Stagecoach Estates. A link to these active listings can be found here.
Six land parcels sold during 2021 in the neighborhoods surrounding Glenwild. Five of the six sales were in The Preserve and Ranches at The Preserve, and the sixth sale was in Stagecoach Estates. The Preserve and Ranches at The Preserve sales ranged in price from $718,000 for 10.26 acres in The Preserve to $1.5 for 15.21 acres in Ranches at The Preserve. The Stagecoach Estates sale closed at $400,000 for just over 10 acres. One lot was pending sale at year-end, and that lot was located in Stagecoach Estates. Four lots were actively listed for sale at year-end. Three of the four actively listed lots were in Stagecoach Estates, and one lot in Ranches at The Preserve. A link to the active land listings in the communities surrounding Glenwild can be found here.

Single Family Homes: While single-family home sales were strong in each of the gated golf course communities, the number of homes sold in 2021 was down from 2020, likely due to inventory constraints. Communities with active developers had a relatively high number of pending sales as many to-be-built homes were put under contract. Those homes will show as pending sale until completion when the buyer purchases the home. Victory Ranch takes the top spot for the highest average sale price in 2021 at about $4.63 million, followed by Glenwild at about $4.52 million. Victory Ranch also holds the top spot for average sale price per square foot at $819 per square foot, followed by Promontory at $713 per square foot. These higher per square foot values are likely driven by developer new construction sales.

Vacant Land: Each of the communities posted strong land sales in 2021, and communities like Promontory and Tuhaye with additional land available capitalized on the market conditions by releasing newly platted land inventory. Promontory released the Pinnacle neighborhood (a gated community within Promontory) with higher price points that have driven the average price in Promontory higher. Victory Ranch posted the highest average land sale price in 2021 at over $1.18 million, but it is a tight race between Glenwild, Promontory, Victory Ranch, and Tuhaye – all posting average sale prices around $1.0-$1.1 million. Tuhaye grabbed the spot for the top average sale price per acre in 2021 at over $1.0 million followed by Glenwild at just under $1.0 million. The average sale price per acre fell in Victory Ranch as that community sold several larger, estate sized lots in the 4th quarter of 2021.

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 fourteen 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 2021, I represented the sellers at 7994 Glenwild Drive, the buyers at 7995 Glenwild Drive and also the buyers of 10023 N. Basin Canyon Road in Stagecoach Estates in addition to some other off-market transactions in the Glenwild area.

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.

Low Inventory Drives Price Increases
At the end of the third quarter of 2021, only one home was actively listed for sale in Glenwild, and all other standing inventory in Glenwild was under contract to sell. As of September 30, 2021 twelve homes have sold in Glenwild in 2021, but only one sale closed during the third quarter as inventory levels have declined. In fact, for most of September 2021 there were no homes actively listed for sale in Glenwild! Given the low single-family inventory, many buyers are turning to vacant land and are planning to build their own homes. However, land listings are becoming increasingly scarce, and land prices continue to climb in Glenwild.
During the third quarter, one Glenwild lot traded across the MLS, and one lot was pending sale at the end of the quarter, and only one lot was actively listed on the MLS. The average price for a Glenwild lot increased during the third quarter of 2021, and the average price for a lot sold in Glenwild through the third quarter of 2021 was $1,032,500.
Glenwild is approximately 75-80% built out, so finding available homes and land to buy can be tough for buyers, and some trades during the third quarter likely 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.
Homes

• One home sold during Q3 2021, a decrease in activity over Q2 when seven homes sold. The home that sold was 7994 Glenwild Drive, listed at $2,985,000 or $703 per square foot. This decrease in activity is likely due to inventory constraints.
• The 2021 average sale price for a Glenwild home through the 3Q of 2021 was just over $4 million or $562 per square foot.
• The average days on market for a Glenwild home through the third quarter of 2021 was 61 days.
• Two homes were pending sale at the end of Q3: 8066 N. Red Fox Court, listed at $8,950,000 and 7145 Glenwild Drive, listed at $4,750,000.
• One home was actively listed for sale at the end of the third quarter: 7980 Glenwild Drive listed at $4,700,000 or $763 per square foot. With only one home listed on the MLS, now might be an excellent time to list your home for sale!

Land

• One Glenwild lot traded across the Park City MLS during 3Q 2021: lot 101 at 7153 Lupine, listed at $900,000 for 1.66 acres.
• The average sale price for the twelve lots sold in Glenwild through the third quarter of 2021 was $1,032,500 with an average lot size of 1.3 acres.
• The average days on market for the lots sold through the third quarter of 2021 was 23 days.
• One Glenwild lot was pending sale at the end of the third quarter: lot 102 at 7137 Lupine listed at $925,000 for 1.72 acres.
• At the end of the second quarter, only one lot was actively listed for sale, and that was the lot at 8085 N. Red Fox Court or Preserve lot 14 inside the Glenwild community, listed at $4,850,000 for 14 acres.

The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, three single-family homes sold during the third quarter of 2021. Those homes were located in The Preserve and Ranches at The Preserve and ranged in list prices from $5.2 million up to $6.9 million. Three homes were pending sale as of September 30, and one of the three homes is currently under construction. Five homes were actively listed for sale at the end of Q3. For of the five homes are located in The Preserve and Ranches at the Preserve and have list prices ranging from $4.9 million up to $10.0 million. The fifth home listed for sale is a rustic cabin located on 7.5 acres in Stagecoach Estates, listed at $700,000.
Three land parcels sold during the third quarter of 2021 in the neighborhoods surrounding Glenwild. Two of those sales were located in The Preserve (listed at $1.225 million and $1.495 million) and one was in Stagecoach Estates (listed at $450,000). One lot was pending sale at the end of the third quarter, and that was a 10.3 acre lot in Stagecoach Estates listed at $525,000. Seven lots were actively listed on the MLS in the surrounding areas at the end of the third quarter with three of the lots located in Stagecoach Estates, two in The Preserve, and two in Ranches at The Preserve. The Stagecoach lots ranged in price from $469,900 up to $550,000. The Preserve lots ranged in price from $2.595 million for lot 55 up to $12 million for the nearly 47 acres on lot 2. Ranches at The Preserve lots were listed at a range between $1.8 million for lot 5 and $3.4 million for lot 18.

Single Family Homes: While single-family home sales remain brisk in each of the gated golf course communities, the number of homes sold in 2021 is trending down when compared to 2020, likely due to inventory constraints. Communities with active developers have a relatively high number of pending sales as many to-be-built homes were recently put under contract. Those homes will show as pending sale until completion when the buyer purchases the home. Victory Ranch takes the top spot for the highest average sale price thus far in 2021 at about $4.4 million, followed by Glenwild at just over $4 million. Victory Ranch also holds the top spot for average sale price per square foot at $808 per square foot, followed by Promontory at $695 per square foot. These higher per square foot values are likely driven by developer new construction sales.

Vacant Land: Each of the communities posted strong land sales thus far in 2021, and communities like Promontory and Tuhaye with additional land available capitalized on the market conditions by releasing newly platted land inventory. Promontory released the Pinnacle neighborhood (a gated community within Promontory) with higher price points that have driven the average price in Promontory higher. Victory Ranch posted the highest average land sale price through the third quarter, but it is a tight race between Glenwild, Promontory and Victory Ranch, all posting average sale prices around $1,035,000. Glenwild remains in the top spot for the average sale price per acre through the third quarter at $913,227 followed by Promontory at $699,519.