Glenwild Area 4th Quarter 2023 Market Report
By Molly Campbell, January 30, 2024
NINE HOMES SELL IN GLENWILD DURING 2023
Nine homes sold in Glenwild during 2023, more than double the number of homes sold in 2022. The average price for a Glenwild home sold during 2023 averaged over $6.35 million or $898 per square foot. The average price per square foot increased about 8% in 2023 over the 2022 average. At the end of 2023, no homes were pending sale in Glenwild, and seven homes were actively listed for sale at prices ranging from $4.8 million up to $11.5 million. Only one lot traded in Glenwild during 2023, a significant decline in activity from 2022 when six lots sold. The one sale was lot 161 at 2.01 acres and was listed at $1.2 million. Because there was only one lot sold, this sale becomes the community average for 2023 and at a price below the average for 2022. The average sale price for a Glenwild lot at the end of 2022 was just over $1.5 million. Five lots were actively listed at the end of 2023, exactly the same number of lots that were listed for sale at the end of 2022. The current asking prices for Glenwild lots ranges from $965,000 up to $2.3 million. 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 several o! 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.
- Nine homes sold in Glenwild during 2023, a significant increase over the four homes that sold during 2022.
- The average price for a home sold during 2023 was over $6.35 million or $898 per square foot, up about 8% from the $832 per square foot average at year-end 2022.
- As of December 31, 2023, no homes were pending sale.
- At the close of 2023, there were seven homes actively listed for sale in Glenwild at prices ranging from $4.8 million up to $11.5 million.
- This is a slightly below average active listing inventory for Glenwild, where the typical number of homes listed is around ten.
- Only one Glenwild lot sold in 2023, and that sale occurred in the first quarter of the year. At the end of the fourth quarter, no lots were pending sale.
- At December 31, 2023, five lots were actively listed for sale at prices ranging from $965,000 up to $2.3 million.
- This inventory level is lower than the historical inventory level, driven by the fact that Glenwild is becoming more built out.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, four homes sold in 2023. Two homes sold in Stagecoach Estates, one home in Goshawk Ranch, and one home in Ranches at The Preserve. The Stagecoach Estates homes were listed at $1.99 million and $4.4 million, while the Ranches at the Preserve home was listed at $4.6 million. Lastly, the Goshawk Ranch home was listed at $6.75 million. As of December 31, 2023, one Preserve home listed at $12.75 million was pending sale, and two homes were actively listed for sale. The actively listed homes were a $3.3 million listing in Stagecoach Estates and a $11.6 million home in The Preserve. Five lots sold in the communities surrounding Glenwild during 2023. Three of the sales were in The Preserve, and two of the sales were in Stagecoach Estates. At the end of 2023, two lots were pending sale: one in The Preserve and one in Ranches at The Preserve. Lastly, eleven lots were actively listed for sale at the end of 2023 at prices ranging from $695,000 in Stagecoach Estates up to $10.75 million for a 46 acre lot in The Preserve.
Single Family Homes
Glenwild topped the chart with the highest average sale price in 2023 at $6.35 million and the largest average home size. Glenwild posted the fourth highest sale price per square foot. Victory Ranch shows the highest price per square foot, likely driven by the newly built, developer product sales at Victory Ranch and also the smallest average home size of the group. Average prices per square foot in 2023 were higher in each of the communities over 2022 figures. Inventory levels in each community are generally below that of 2019, or pre-pandemic levels, and are essentially on par with inventory levels at year-end 2022.
Only one lot traded in Glenwild in 2023 skewing its average pricing for the year. Tuhaye posted the highest average lot sales price at the end of 2023 at close to $1.6 million, followed by Victory Ranch. Average prices at the end of 2023 are mixed over the year-end 2022 averages in the various communities. Glenwild, Promontory, and Victory Ranch show average prices below 2022 year-end averages, while Tuhaye and Red Ledges show prices above year-end 2022 levels. Land inventory at the end of 2023 was below year-end 2019 or pre-pandemic levels in all communities except Tuhaye and Red Ledges which were slightly higher.
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 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 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