Glenwild 3Q 2018 Market Update
GLENWILD SINGLE-FAMILY MARKET SHOWS SIGNIFICANT IMPROVEMENT
The single-family home market in Glenwild has seen significant improvement in 2018. First, the successful transition of ownership of the Glenwild Golf Club and Spa from its developer, DMB Associates, Inc., to its members created positive momentum in the market. The transaction closed in June of 2018, but a successful transition was evident months prior to the official closing. Additionally, 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. The combination of these two events, along with the continued strength of the real estate market in Park City, fueled the substantial improvement of the single-family home market in Glenwild thus far in 2018.
GLENWILD SINGLE-FAMILY MARKET HIGHLIGHTS
As of September 30, 2018, the market value of single-family homes sold in Glenwild was $41.6 million or almost 3.5 times the market value of single-family homes sold in all of 2017.
The average sale price for single-family homes in Glenwild as of September 30, 2018 was $4,159,700 or $547 per square foot. This is a 41.7% improvement over the average for 2017.
As of September 30, 2018, ten homes have sold in Glenwild with another home pending sale. This is over twice the number of home sales in all of 2017.
Single-family inventory is at a healthy level with eleven homes actively listed for sale as of September 30, 2018, which equates to about one year's worth of inventory - or less -given the increasing velocity of home sales.
Summit Sotheby's has represented over 50% of buyers and sellers in the closed single-family transactions in Glenwild as of September 30, 2018 as has 55% market share of the current active listings.
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. 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 Tuhaye and Red Ledges have in excess of one year's worth of inventory on the market as of September 30, 2018. 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. In the over 10 years I have been selling real estate in Park City, I have sold several properties in the Glenwild/Preserve/Goshawk area, and most recently I listed and sold 500 Hollyhock in August and 7825 Purple Sage in September. I have been a golf member at Glenwild since 2008.
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