Glenwild Area Q2 2022 Market Report

Inventory Increases, Prices Begin to Stabilize

Single-family home prices remained stable in Glenwild during the second quarter of 2022 as no homes sold during the quarter. The average single-family home price in Glenwild remained at an average of $6,166,667 or $779 per square foot as of June 30, 2022. This marks a 36% increase over the year-end 2021 figure. At June 30, 2022, six homes were actively listed in Glenwild, an increase from the one home that was actively listed at the end of the first quarter. 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 second quarter of 2022, two 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 through June 30, 2022 in Glenwild was $1,550,000, an increase of over 42% versus the average sale price at year-end 2021 and a $100,000 increase over the average at the end of the first quarter of 2022. At June 30, 2022 six lots were actively listed for sale, an increase over the two lots that were listed for sale at the end of the first quarter.

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

No single-family homes sold in Glenwild during the second quarter of 2022.
The average sale price for single-family homes in Glenwild for the first half of the year was $6,166,667 or $779 per square foot. This represents a 36% increase in pricing over year-end 2021.
Two homes were pending sale at the end of the second quarter, and both were homes that are currently under construction - 1233 Snow Berry and 7385 Foxglove Court. Those sales will close upon completion of the homes.
Inventory of active listings increased from one listing at the end of the first quarter of 2022 to six homes listed at the end of the second quarter. The homes actively listed range in price from $4,880,000 to $7,600,000.

Land

Two lots sold in Q2 2022 and were priced at $1,499,000 and $2,475,000. The lots were 1.29 and 1.22 acres.
The average sale price for the lots sold through the first half of 2022 was $1,550,000, representing a 42% increase over the year-end 2021 average.
The average days on market for the lots sold in Q2 2022 was 50 days.
At June 30, 2022 one lot was pending sale, lot 62 listed at $1,550,000.
At June 30, 2022, six lots were actively listed for sale, representing an increase over the two lots that were listed at the end of Q1. The listing prices for the six lots on the market range in price from $1.2 million up to $2.99 million.

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

In the communities surrounding Glenwild, three homes sold during the second quarter of 2022. Two homes in Ranches at The Preserve sold, and one home in Stagecoach Estates. The homes that sold were listed at prices ranging from $4.2 million up to $7.35 million. There is currently one home pending sale in the communities outside of Glenwild, and that home is under construction and has been pending sale since September of 2020. The sale will close when the home is completed. Inventory in these communities is up, and there are eleven homes currently listed for sale at prices ranging from $950,000 for a cabin in Stagecoach Estates up to $17.9 million for a horse ranch in Goshawk Ranch.

One vacant lot sold in the communities surrounding Glenwild in the second quarter of 2022. That lot was located in The Preserve and was a 7.5 acre lot listed at $1,950,000. No lots were pending sale at the end of the second quarter, and there are currently nine lots actively listed: five in The Preserve, two 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 active listings increased in each of the communities during the 2nd quarter of 2022. This can be expected in golf course communities where summer is the ideal time to showcase the property. The number of homes pending sale at the end of the second quarter was slightly higher or about equal in each of the communities to the number pending sale at the end of the first quarter. Pricing remained relatively stable between the quarters, with some communities posting slight increases. Promontory topped the per square foot pricing metric at $889 per square foot through the first half of 2022, followed by Victory Ranch at $864. 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 million.

Vacant Land: Vacant land inventory increased in each of the communities when comparing Q1 to Q2. Again, this can be expected in golf course communities where the ideal time to list property is when the golf course is active. The number of pending sales and closed sales were similar in Q1 and Q2 in the communities. Tuhaye stands out in that it closed a large number of land sales in 2022, selling 75 lots in the first half of the year. This is tied to that community's release of newly platted inventory or neighborhoods, and average pricing for 2022 in Tuhaye is on par with Glenwild. Victory Ranch had the top average price for land in the first half of the year at just over $2 million. This is driven by the sale of two larger, estate lots that sold for $3 million and $2.25 million. Glenwild still holds the highest average sale price per acre at close to $1.25 million.

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

GREEN Certified Realtor

Summit Sotheby's Top Tier Agent - 2014 to 2022

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