Below $3 million Price Point Dominates 1Q 2019 Glenwild Home Sales
BELOW $3 MILLION PRICE POINT DOMINATES 1Q 2019 GLENWILD HOME SALES
Three homes traded hands in Glenwild during the first quarter of 2019, and each transaction closed at a price point below $3 million. The average sale price of the homes sold during the quarter was $2,466,667 or $384 per square foot with an average home size of 6,561. The three homes sold were built in 2002, 2006 and 2008, so it is not surprising to see the lower average price per square foot on these sales as most of these homes will be updated or improved by the buyers. The average days on market for these three sales was just 82 days, implying that the below $3 million segment of the market is moving relatively quickly. In fact, only two homes are currently on the market in Glenwild priced under $3 million, and those are receiving significant showing activity and likely will be under contract soon. Those two homes are located next door to each other on lots 186 and 187 and are priced at $2,600,000 and $2,100,000, respectively. The next lowest priced listing in Glenwild beyond these two homes is 575 Mountain Holly on lot 133 priced at $4,500,000 - quite a jump up in price. If you own a home in the $3 million or under price range, now might be a great time to list your home.
GLENWILD 1Q 2019 MARKET HIGHLIGHTS
The average sale price for single-family homes in Glenwild as of March 31, 2019 was $2,466,667 or $384 per square foot, and all sales closed at a price of under $3 million.
As of March 31, 2019, three homes have sold this year in Glenwild with none currently pending sale.
Single-family inventory is at a healthy level with ten homes actively listed for sale as of March 31, 2019, which equates to about one year's worth of inventory.
Summit Sotheby's has 60% market share of the current active single-family listings in Glenwild.
In the first quarter of 2019, two vacant lots sold - lots 184 and 146 - at an average price of $502,500. Lot 40 is currently pending sale, priced at $900,000.
Fifteen vacant lots are currently listed in Glenwild at prices ranging from $475,000 for lot 130 up to $1,250,000 for lot 23. The average list price of the 15 listings is $737,400.
GLENWILD COMPARED TO OTHER GATED GOLF COMMUNITIES
When comparing the performance of the 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 single-family sale price of the five golf communities in the chart below. Additionally, Glenwild appears to have a healthy active inventory of homes being marketed for sale. It is about on par with Promontory at about one year's worth of inventory. Victory Ranch shows less than one year's worth of inventory and the highest average sale price per square foot, although the average home size in Victory Ranch is the smallest of the five golf communities. Tuhaye and Red Ledges have in excess of one year's worth of single-family inventory on the market as of March 31, 2019. Glenwild is in the middle of the pack in terms of average lot sale price for the first quarter, but the Promontory average data was skewed by two high priced sales, while the two sales in Glenwild were at the lower end of the active range. The source for this data is the Park City MLS.
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 eleven years of experience selling real estate in Park City, I have sold several properties in the Glenwild area, and most recently I co-listed 7970 Glenwild Drive in the first quarter of 2019. 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, and please let me know if you have a friend or neighbor who would like to receive these quarterly real estate updates.
Molly L. Campbell
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, 2015, 2016, 2017 & 2018