Third Quarter 2020 Glenwild Market Update
By Molly Campbell, October 2, 2020
3Q 2020 Shows Significant Transaction Activity Post Coronavirus Quarantine
The Glenwild real estate market posted significant transaction activity in the third quarter of 2020 coming out of the Coronavirus quarantine period. During the third quarter, ten homes sold and another three were pending sale as of September 30. In a surge of land activity, eleven lots were sold in the third quarter and another six were pending sale as of September 30. Assuming the pending sales close, Glenwild will see fourteen home sales and twenty land sales as a result of activity just through the third quarter of 2020. Compare this to the twelve homes and four lots that sold in all of 2019, and one can see that 2020 will likely be a record year in terms of transaction volu
- Eleven homes sold in Glenwild during the period from January 1 to September 30, 2020 at an average sale price of $3,776,909 or $499 per square foot. Listing prices for the homes sold ranged from $2,150,000 for 7994 Glenwild Drive up to $7,495,000 for 1133 Snow Berry.
- Another three homes were pending sale as of September 30, implying the total number of homes sold in 2020 in Glenwild will exceed fourteen homes. By comparison, twelve homes sold in Glenwild in 2019.
- As of September 30, there were seven active listings of homes in Glenwild at prices ranging from $4,850,000 for 7145 Glenwild Drive up to $9,250,000 for 8066 N. Red Fox Court.
- Fourteen lots in Glenwild traded during the period from January 1 to September 30, 2020 at an average sale price of $683,018 or $460,663 per acre. Listing prices for the lots sold ranged from $575,000 for 680 Hollyhock (1.18 acres) up to $1,299,000 for 1540 Snow Berry (6.63 acres).
- Another six lots were pending sale of September 30, implying the total number of lots sold in 2020 in Glenwild will exceed 20 lots. The number of lots sold in 2020 will be far greater than 2019 when a total of four lots were sold in Glenwild.
- As of September 30, 2020, there were six active listings of land in Glenwild, a new low in terms of inventory. The lots currently on the MLS range from $525,000 for 7181 Glenwild Drive (1.78 acres) up to $820,000 for 1085 Primrose (2.26 acres). Now could be a great time to list and sell your vacant lot with inventory so low.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates
In the communities surrounding Glenwild, five homes sold during the third quarter of 2020 and another eight were pending sale as of September 30, 2020 – a substantial increase from the slow sales in the area during the second quarter of 2020. Four homes have sold in The Preserve and Ranches at the Preserve between January 1 to September 30, 2020 at an average sale price of $2,795,000 and $524 per square foot. With respect to vacant land, eight lots in the surrounding communities sold during the third quarter with another six pending sale as of September 30th. For the nine lots sold in The Preserve and Ranches at the Preserve from January 1 to September 30, 2020, the average sale price was $856,500 or $59,407 per acre. This average is driven by one large, 60 acre sale at 1860 Red Hawk Trail, lot 8 Ranches at The Preserve that was listed at $2,900,000.
Single Family Homes: Glenwild regained the top spot for average sale price in the third quarter as it posted an average sale price of $3,776,909 for sales in 2020. Victory Ranch follows Glenwild in terms of average sale price at just over $3 million. In terms of sale price per square foot, however, Victory Ranch takes the top spot at an average sale price per square foot of $723 thus far in 2020. Glenwild’s average sale price per square foot of $499 through the third quarter of 2020 is an improvement over the prior quarter and ranks the third highest on the list.
Vacant Land: At the end of the third quarter of 2020, Glenwild posted the second-highest average land sale price at $683,018 and the largest average lot size of the communities on the list at 2.25 acres. Victory Ranch ranks number one in terms of average sale price at $699,611. Red Ledges posted the highest average sale price per acre at $605,251 with an average lot size of 0.67 acres. Tuhaye saw a surge of land sales in 3Q 2020 when 39 lots traded, and the community posted an average lot sale price of $448,227 for sales in 2020.
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 twelve years of experience selling real estate in Park City, I have listed and sold several properties in the Glenwild area. I am currently the listing agent for 785 Mountain Holly, 7242 Lupine, 8085 Glenwild Drive (Glenwild Lot 172) and also 7181 Glenwild Drive (lot 65). During the third quarter of 2020, I represented the seller for 7633 Purple Sage that sold in July, the buyer for 8135 Glenwild Drive that closed in September, and the seller of 1520 Preserve Drive (lot 74 The Preserve) that also sold in September. Additionally, I am representing the seller for 7242 Lupine, 8085 Glenwild Drive (lot 172), and the buyer for 8985 Quail Ridge Drive in The Preserve which are all currently pending sale. In addition to my Glenwild area sales experience, I have been a golf member at Glenwild since 2008.
Sotheby’s International Realty has an incredible real estate network with 20,000 sales associates in 990 offices in 72 countries around the world, and I can match you with highly qualified real estate professionals wherever you may be transacting. In 2019, Sotheby’s International Realty closed over $114 Billion in global sales volume, a testament to the company’s global reach and unmatched luxury property marketing. 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.