Glenwild Year End 2018 Market Summary
2018 WAS A BANNER YEAR FOR SINGLE-FAMILY HOME SALES IN GLENWILD
The single-family home market in Glenwild showed significant improvement in 2018 over 2017. As discussed int the third quarter update, this was driven by three factors. First, the successful transition of ownership of the Glenwild Golf Club and Spa from its developer to its members in June of 2018 created positive momentum in the market. Second, the Glenwild HOA's total renovation of the Glenwild Lifestyle Center just outside the main Glenwild gate and Summit Sotheby's moving in to the real estate offices in that building have spurred real estate activity. Lastly, the continued strength of the real estate market in Park City fueled the substantial improvement of the single-family home market in Glenwild in 2018.
The number of homes sold in Glenwild in 2018 was more than double the number of homes sold in 2017, up 160%.
The average sale price for single-family homes sold in 2018 increased nearly 65% in 2018 over 2017.
The dollar volume sold in Glenwild in 2018 was up an astonishing 328% over 2017 with nearly $50 million of single-family real estate trading hands.
The average price per square foot for homes sold in 2018 was up over 35% in 2018.
GLENWILD COMPARED TO OTHER GATED GOLF COMMUNITIES
When comparing the performance of the single-family home market in Glenwild to that of other gated golf course communities around Park City, Glenwild looks to be performing well. Glenwild boasts the highest average sale price of the five golf communities in the chart below, and the second highest price per square foot for closed sales behind Victory Ranch. Additionally, Glenwild appears to have a healthy active inventory of homes being marketed for sale, with about nine months of inventory on the market. Promontory and Red Ledges have about one year of inventory, while Victory Ranch shows less than one year of inventory. Tuhaye has in excess of one year of inventory on the market.
Looking at vacant land, only three Glenwild lots traded hands in 2018, and Glenwild has about three years of land inventory on the market. The other golf course communities sold substantially more land in 2018 and have about one year or less of land inventory on the market. It should be noted, however, that the original developer is still involved in land ownership in each of the communities except Glenwild. Developers typically offer membership incentives with the sale of lots, and land ownership is required for membership in the clubs other than Glenwild, which could drive land sales. In 2018, Glenwild posted the second highest average land sale price, just behind Victory Ranch.
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. In the 11 years I have been selling real estate in Park City, I have listed and sold several properties in the Glenwild/Preserve/Goshawk area, and I recently listed 7633 Purple Sage, 7418 Glenwild Drive and 985 Primrose. 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 900 offices in 70 countries around the world, and I can match you with highly qualified real estate professionals wherever you may be transacting. I look forward to assisting you with your real estate needs in Glenwild or elsewhere. Please let me know if you have a friend or neighbor who would like to receive these quarterly real estate updates, and I will add them to my email list.