Glenwild 1st Quarter 2018 Market Update
Three homes traded hands in Glenwild in the 1st quarter of 2018, and two of the three sales topped $6 million. These $6+ million sales mark the first time a home sold in excess of $6 million in Glenwild since April of 2016. The average sale price for the three homes sold during the first quarter of 2018 was over $5.3 million or $572 per square foot. The average sale price per square foot for homes sold in Glenwild in 2017 was $424 per square foot (and excludes the bank owned sale at 8135 Glenwild Drive), indicating the first quarter 2018 sales could mark a significant step up in pricing in the neighborhood. Additionally, the fact that three homes sold in the first quarter alone may signal a pickup in the sales velocity in the neighborhood, as only six homes have sold in Glenwild in the trailing twelve months. Looking ahead to the second quarter of 2018, one home has already sold in April of 2018 and another three are pending sale at the time of writing this blog post, including my listing at 7825 Purple Sage. Things are picking up in Glenwild!
While single-family homes sales in Glenwild ticked up in the first quarter of 2018, no vacant land sales closed in the first quarter. One vacant parcel of land went under contract in the first quarter and remains under contract at the time of writing this blog post. The parcel pending sale is my listing at 7242 Lupine Drive.
In summary, the first quarter of 2018 was active in Glenwild - particularly in the single-family home asset class - and the market is dynamic and changing with each transaction. If you would like additional details on the sales activity in Glenwild in the first quarter, please feel free to contact me. Additionally, the Summit Sotheby's real estate offices inside the Glenwild Lifestyle Center are expected to open in early May, and I look forward to seeing you there when its doors are open!