Glenwild Area 3Q 2021 Market Report
By Molly Campbell, October 7, 2021
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.
- 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!
- 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.