SALES ACTIVITY SLOWS

One home sold in Glenwild during the third quarter, and only four homes have sold in Glenwild during the first three quarters of 2022. By comparison, nine Glenwild homes sold in the first three quarters of 2021. The home that sold during the third quarter of 2022 was a newly constructed home at 1233 Snowberry Street that was listed at $8.1 million. That transaction had been pending sale since March of 2022 after receiving multiple offers, and it closed on September 21, 2022 when the home was completed. The average single-family home price in Glenwild for the first three quarters of 2022 was $6,700,122 or $832 per square foot. This marks a 48% increase over the year-end 2021 average price. At September 30, 2022, seven homes were actively listed in Glenwild, compared to six homes that were listed at the end of the second quarter, marking only a slight increase in inventory. However, the Glenwild HOA reports that eighteen homes are under construction, and about eight of those are spec homes that could become future listing inventory.

During the second quarter of 2022, one Glenwild lot traded across the MLS and no lots were pending sale at the end of the quarter. A total of six lots have sold in Glenwild during the first three quarters of 2022 compared to twelve lots that sold during the first three quarters of 2021. The average sale price for the Glenwild lots sold January 1 to September 30, 2022 was $1,541,667, marking an increase of nearly 41% over the average sale price at year-end 2021. At September 30, 2022 six lots were actively listed for sale, the same number as were listed at the end of the second quarter.

Sometimes 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.

Homes

One home sold during the third quarter of 2022. That home was 1233 Snowberry listed at $8.1 million and was new construction and closed upon completion.
The average sale price for single-family homes in Glenwild for the first three quarters of 2022 was $6,700,122 or $832 per square foot. This represents a 48% increase in pricing over the year-end 2021 average price.
Two homes were pending sale at the end of the second quarter. One pending sale is the home currently under construction at 7385 Foxglove Court that will close upon completion of the home. The other pending sale is 1283 Snowberry, listed at $4.88 million.
Inventory of active listings remained fairly stable at seven listings, up from six listings at the end of the second quarter. The homes listed range in price from $4,995,000 up to $14,000,000.

Land

One lot sold in Q3 2022, that was lot 62 at 1146 Snowberry that was 1.78 acres and was listed at $1,550,000.
The average sale price for the six lots sold through the first three quarters of 2022 was $1,541,667, representing nearly a 41% increase over the year-end 2021 average.
During the first three quarters of 2022 six Glenwild lots sold, down from the twelve lots that sold during the same period in 2021.
At September 30, 2022 no lots were pending sale.
At September 30, 2022, six lots were actively listed for sale, the same number as were listed at the end of the second quarter. The listing prices for the six lots on the market ranged in price from $1,100,000 up to $2,999,000 million.
The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates

In the communities surrounding Glenwild, four homes sold during the third quarter of 2022. Two homes in The Preserve sold, one home in Stagecoach Estates and one home in Goshawk Ranch. The homes that sold were listed at prices ranging from $1,750,000 for a home in Stagecoach Estates up to $7,900,000 for a home in The Preserve. At the end of the third quarter there was one home pending sale in the communities outside of Glenwild, and that home is under construction and located in The Preserve. It has been pending sale since September of 2020, and the sale will close when the home is completed. At the end of the third quarter there were seven homes listed for sale in the communities surrounding Glenwild at prices ranging from $1,975,000 for a home in Stagecoach Estates up to $17,900,000 for a horse ranch in Goshawk Ranch.

No vacant lots sold in the communities surrounding Glenwild in the third quarter of 2022. One lot was pending sale at the end of the second quarter - lot 17 in The Preserve listed at $1,750,000 for 11.41 acres. As of September 30, 2022, there were eight lots actively listed: five in The Preserve, one in Ranches at The Preserve and two in Stagecoach Estates. The lots are listed at prices ranging from $850,000 up to $2,595,000.

Glenwild Compared to Other Gated Golf Communities

Single Family Homes: Single-family listing inventory increased over the summer in each of communities, which is typical in golf course communities. However, the inventory levels, in general, are not yet back to 2019 or pre-pandemic levels. The number of homes pending sale at the end of the third quarter was about equal in each of the communities to the number pending sale at the end of the second quarter. Average pricing remained relatively stable between the second and third quarters, with some communities posting slight decreases, with the exception of Glenwild that increased from about $6.1 to about $6.7 million. Victory Ranch topped the per square foot pricing metric at $909 per square foot through the three quarters of 2022, followed by Promontory at $874. Both of these communities have a substantial amount of newly built inventory that sold which is driving higher per square foot pricing and a smaller average home size than Glenwild. Glenwild has the highest average sale price at over $6.7 million.

Vacant Land: Vacant land inventory increased in each of the communities when compared to the second quarter of 2022 and to the third quarter 2021; however, inventory levels are still below 2019 levels. The number of closed sales through the third quarter of 2022 is down from sales levels for the same period in 2021 with one exception, Tuhaye. Tuhaye closed several land sales in two newly platted subdivisions over the summer. Average pricing for Tuhaye has steadily increased and is closing in on Glenwild, and Tuhaye's average price per acre is slightly higher than Glenwild's. Victory Ranch had the top average price for land in the first three quarters of the year at close to $2 million. This is driven by the sale of larger, estate lots that sold in the $2-3 million range. The number of lots sold in each of the communities through the third quarter exceeds the number of sales in 2019 in all communities except Victory Ranch, indicating the communities are still popular with buyers.

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 fourteen 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.

Additionally, Sotheby's International Realty has an incredible real estate network with 24,000 sales associates in 1,000 offices in 75 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 $204 billion of real estate transactions in 2021 and has a proven track record of success in the luxury real estate market. 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

molly@mollycampbell.com

435-655-1208 mobile

Certified Luxury Home Marketing Specialist, CLHMS

Million Dollar Guild Member - Institute for Luxury Home Marketing

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Summit Sotheby's Top Tier Agent - 2014 to 2022

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