Glenwild Area Q1 2022 Market Report

Low Standing Inventory and Increasing Prices Continue

Three homes sold in Glenwild during the first quarter of 2022. The average price for the homes sold during the first quarter was $6,166,667 or $779 per square foot. This marks a 36% increase over the year-end 2021 figure. At March 31, 2022, only one home was actively listed for sale in Glenwild, and one home was pending sale. The Glenwild HOA reports that sixteen homes are actively under construction, and about eight of those are spec homes that could become future listing inventory.

During the first quarter of 2022, three Glenwild lots traded across the MLS and one was pending sale at the end of the quarter. The average sale price for the lots sold during the first quarter of 2022 was $1,450,000, an increase of over 32% versus the average sale price at year-end 2021. At March 31, 2022 two lots were actively listed for sale at prices ranging from $1,900,000 to $1,950,000.

Glenwild is approximately 80% built out, so 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

Three Glenwild homes sold during the first quarter of 2022. The homes that sold ranged in listing price from $4.7 million for 7980 Glenwild Drive up to $7 million for both 340 Hollyhock and 785 Mountain Holly Lane.
The Q1 2022 average sale price for a Glenwild home was $6,166,667 or $779 per square foot. This represents a 36% increase in pricing over year-end 2021.
The average days on market for a Glenwild home in the first quarter of 2022 was 28 days, indicating a brisk market for well-priced inventory.
The one home pending sale at the end of the first quarter of 2022 was 1233 Snowberry that is currently under construction and scheduled to be complete by late summer or fall. This sale will close upon completion of the home.
Only one home was actively listed for sale in Glenwild at the end of the quarter, and that was 7628 Glenwild Drive, listed at $7,595,000. With only one home actively listed, now might be an excellent time to list your home for sale!

Land

Three lots sold in Q1 2022 and ranged in price from $1,100,000 to $1,750,000 and size from 1.12 to 1.33 acres.
The average sale price for the lots sold in Q1 2022 was $1,450,000, representing a 32% increase over the year-end 2021 average.
The average days on market for the lots sold in Q1 2022 was 38 days.
As of March 31, 2022 one lot was pending sale, lot 61 listed at $1,499,000.
As of March 31, 2022, two lots were actively listed for sale at prices ranging from $1.9 million up to $1.95 million.

The Preserve, Ranches at The Preserve, Goshawk Ranch & Stagecoach Estates

In the communities surrounding Glenwild, three homes sold during the first quarter of 2022. Two homes in Stagecoach Estates sold, and one home in The Preserve sold. The Stagecoach Estates homes were listed at $850,000 and $3,2 million, indicating a broad range of prices in this up-and-coming neighborhood near Glenwild. The home that sold in The Preserve was 960 W. Deer Hill Road listed at $5.65 million. There are currently three homes pending sale, which are all in The Preserve and Ranches at The Preserve. There are currently four homes on the market at prices ranging from $2.45 million up to $9.6 million.

Two lots sold in the communities surrounding Glenwild in the first quarter of 2022, and both were located in Stagecoach Estates. The lots were listed at $469,900 and $525,000. One lot listed at $1.8 million in The Preserve is pending sale, and three lots in The Preserve/Ranches at The Preserve are listed at prices ranging from $1.65 million up to $2.6 million.

Glenwild Compared to Other Gated Golf Communities

Single Family Homes: The number of closed home sales in each of the communities during the first quarter was on par with that of the first quarter of 2021. Inventory is slightly higher with a total of 44 homes listed for sale at the end of Q1 2022 compared to 37 at the end of Q1 2021. Glenwild leads the group with the highest average sale price by far at over $6 million. However, Victory Ranch holds the top spot for average sale price per square foot at $898 per square foot, followed by Promontory at $863 per square foot. These higher per square foot values are likely driven by developer and new construction sales. Each of the communities posted an increase in average sale price per square foot over year-end 2021. (It should be noted that this data only includes single-family home sales, no twin homes or townhomes are included in this data.)

Vacant Land: A similar number of lots sold in the communities during Q1 2022 when compared to Q1 2021. Listing inventory levels are similar as well. There is a decrease in the number of pending sales at the end of Q1 2022 when compared to Q 2021, which could be driven by newly released inventory by communities like Promontory and Tuhaye in 2021 being absorbed by buyers. Victory Ranch posted the highest average sale price at the end of the quarter at $2,425,000; however, the data could be skewed by the sale of a nearly 6 acre lot that sold for. $3 million. Glenwild has the highest average sale price per acre, followed by Promontory and then Tuhaye. Each of the communities posted considerable average price growth when compared to the year-end 2021 averages.

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 several 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

GREEN Certified Realtor

Summit Sotheby's Top Tier Agent - 2014 to 2021

RealTrends America's Best Realtors, Top 1.5% Nationwide - 2019, 2020, and 2021