Glenwild Area 2nd Quarter 2024 Market Report
By Molly Campbell, September 4, 2024
DURING THE SECOND QUARTER 2024 IN GLENWILD. AVERAGE PRICE PER SQUARE FOOT CONTINUES TO CLIMB.
Four homes sold in Glenwild during the second quarter at an average price over $5.8 million or $948 per square foot. This average price per square foot is a 5.6% increase over the average price per square foot at year-end 2023. The four homes that sold were priced between $3,825,000 and $11,000,000, indicating a wide range of values in the neighborhood. Older, un-renovated homes are trading at a significant discount to updated or newer homes. Buyers don’t want to mobilize contractors or to wait while the work is being done. They prefer turnkey properties and are willing to pay a premium for those homes. At the end of the second quarter, there were nine homes listed for sale in Glenwild at prices ranging from $4.7 million up to $8.5 million. One home was pending sale.
One lot sold during the second quarter, marking the only land sale thus far in 2024 in Glenwild. Lot 86 was listed at $2,150,000 and sold in June. One lot priced at $965,000 was pending sale at the end of the second quarter, and five lots were actively listed for sale at June 30, 2024. As Glenwild continues to grow in popularity and becomes more built-out, 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 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
- Four homes sold in Glenwild during the second quarter of 2024.
- The average sale price for a Glenwild home thus far in 2024 is over $5.8 million or $948 per square foot. This is a 5.6% increase over the per square foot price at year- end 2023.
- As of June 30, 2024, one home was pending sale.
- At the end of the second quarter, there were nine homes actively listed for sale in Glenwild at prices ranging from $4.7 million up to $8.5 million.
Glenwild Land
- One lot traded in the second quarter, marking the only land sale thus far in 2024. That lot was Lot 86, listed at $2,150,000.
- At the end of the second quarter, one lot priced at $965,000 was pending sale.
- At June 30, 2024, five lots were actively listed for sale at prices ranging from $1,495,000 up to $2,199,999.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, two homes sold in the second quarter of 2024, bringing the total for the year to three homes sold. One home in Stagecoach Estates priced at $1,650,000 and two homes in The Preserve priced at $7.5 million and $12.75 million sold. At the end of the second quarter, one home in The Preserve was pending sale, and 14 homes were actively listed for sale. The actively listed homes include six in Stagecoach Estates, six in The Preserve/Ranches at The Preserve, and two in Goshawk Ranch.
Nine lots have sold in the communities surrounding Glenwild during the first half of 2024. Seven of those sales were in The Preserve/Ranches at The Preserve, and two sales were in Stagecoach Estates. At the end of the second quarter of 2024, no lots were pending sale in those communities, and nine were actively listed for sale.
Single-Family Homes
Once again, Glenwild tops the chart with the highest average sale price at over $5.8 million. Average price per square foot for Glenwild sits in the middle of pack at $948 per square foot. Victory Ranch and Tuhaye posted average sale prices per square foot over $1,000, due to new construction sales. Promontory shows 48 pending home sales, driven by developer contracts on new construction homes not yet completed. Inventory levels in each of the communities are similar to inventory levels one year ago. Average price per square foot is a mixed bag, with Glenwild, Victory Ranch and Tuhaye posting increases in average per square foot pricing over this time a year ago. Promontory and Red Ledges show a decline over a year ago.
Vacant Land
Glenwild’s single land sale in 2024 places it at the top of the group in terms of average sale price at $2 million. Following closely behind is Tuhaye that has sold 25 lots in 2024 at an average price over $1.8 million. Tuhaye shows the highest average sale price per acre at over $1.75 million, followed by Glenwild at nearly $1.28 million. Land inventory levels in each of the communities is similar to that at mid-year 2023. Land prices in each of the communities continues to climb. When compared to the average sale prices at mid-year 2023, average prices in each of the communities is up double-digit percentage growth in 2024, indicating strong demand from buyers that want to build a custom home suited to their tastes and needs.
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 sixteen 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.
Sotheby’s International Realty has an incredible real estate network with 26,500 sales associates in 1,115 offices in 84 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 $143 billion of real estate transactions in 2023 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 65,600 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.
Sincerely,
Molly L. Campbell
Summit Sotheby’s International Realty
molly@mollycampbell.com
435-655-1208 mobile