Glenwild Area 1st Quarter 2023 Market Report
By Molly Campbell, April 7, 2023
INVENTORY REMAINS LOWER THAN PRE-PANDEMIC LEVELS
SALE PRICE PER SQUARE FOOT INCREASES
Two homes sold in Glenwild during the first quarter of 2023. The two homes that sold were the new construction home at 7965 Glenwild Drive listed at $6.3 million and the home at 7208 Lupine, listed at $6.5 million and built in 2013. Both sales closed on February 28, 2023. The transaction activity in the first quarter of 2023 was about on par with the activity in the first quarter of 2022 when three homes sold. The average price for a Glenwild home sold in the first quarter of 2023 was $6.25 million or $1,032 per square foot, an increase over the $832 per square foot average price at year-end 2022. At the end of the first quarter, nine homes were actively listed for sale in Glenwild at prices ranging from $4.89 million up to $14.0 million. This active inventory is less than the amount listed at year-end 2019 (pre-pandemic) which was eleven homes.
One lot sold in Glenwild during the first quarter of 2023. The lot that sold was lot 161, 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. Five lots were actively listed at the end of the first quarter at prices ranging from $1.2 million up to $2.39 million. Like single-family homes, land 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.
- Two homes sold in Glenwild during the 1st quarter of 2023 at an average price of $6.25 million and $1,023 per square foot. This is an increase over the $823 average price per square foot at the end of 2022.
- Two homes were pending sale at the end of the first quarter of 2023. One was 7385 Foxglove that is currently under construction and will close upon completion. The other was 795 Hollyhock that was marketed by an auction process.
- At the close of the first quarter, there were nine homes actively listed for sale in Glenwild at prices ranging from $4.89 million up to $14.0 million. This is lower than the eleven homes that were listed for sale at year-end 2019, indicating inventory levels are not yet back to pre-pandemic levels.
- Details on the active listings can be viewed here.
- One lot traded in the first quarter of 2023, lot 161 which was listed at $1.2 million for 2.01 acres.
- At the end of the first quarter, no lots were pending sale.
- At March 31, 2023, five lots were actively listed for sale at prices ranging from $1.2 million up to $2.39 million. This is lower than the 16 lots that were listed at year-end 2019, indicating land 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, two homes sold in the first quarter of 2023: one in Goshawk Ranch and one in Stagecoach Estates. The Goshawk Ranch home was listed at $6.75 million for an 8,400 square foot home with a barn/guest ouse on 15 acres, and the Stagecoach Estates sale was a 3,500 square foot home on 10 acres listed at $1.99 million. At the end of the first quarter, no homes were pending sale in these neighborhoods, and only four homes were actively listed at prices ranging from $4.6 million up to just under $11 million. The listings include two in The Preserve/Ranches at the Preserve, one in Goshawk Ranch and one in Stagecoach Estates. A link to these listings can be found here.
Two lots sold in the communities surrounding Glenwild in the first quarter of 2023: one in The Preserve listed at $1.99 million and one in Stagecoach Estates listed at $700,000. No lots were pending sale at the end of the quarter, and five lots were actively listed for sale on the MLS at March 31, 2023 at prices ranging from $799,000 in Stagecoach Estates up to $1.65 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 $6.25 million and the largest average home size. Glenwild posted the second highest sale price per square foot. Victory Ranch posted 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, likely driven by the relatively low inventory levels and the sale of newly built developer homes.
Vacant Land: Tuhaye posted the highest average lot sales price at the end of the first quarter of 2023, followed closely by Victory Ranch and Promontory. Tuhaye continued to close sales of its newly platted neighborhoods with contracts that were likely negotiated several months ago. Land inventory levels at the end of the first quarter of 2023 were similar to that at year-end 2022 in most communities and also below 2019 inventory levels with the exception of Tuhaye and Red Ledges where they are similar.
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 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 two 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