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.
- 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!
- 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.
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