Park City Golf Communities 2023 Year in Review - Wohali

PA R K C I T Y G O L F COM M U N IT IE S 2023 Ye a r in R e v i e w

Remaining at the heart of the local real estate landscape, Park City Golf Communities play a pivotal role, prompting a comprehensive examination of market trends both at the macro level, encompassing the entire Park City area, and at the micro level, focusing specifically on Park City Golf Communities. Within this report, our attention is directed towards Wohali, Glenwild, Tuhaye, Red Ledges, Victory Ranch, and the Promontory Club, acknowledged as the quintessential premier golf communities in Park City. It is noteworthy that Marcella has purposefully been excluded from this analysis because there have not been sales in Marcella’s golf subdivision in 2023.

In 2023, the number of land parcels sold experienced a significant year-on-year decline of 49%, juxtaposed against an encouraging 5% year-on-year increase in the average price per property, reaching an impressive $1,331,490. At the same time, the average number of days on the market witnessed a notable surge of 135% year-on-year, settling at 80 days.

174 homes found new owners within Park City Golf Communities during 2023, marking a commendable 7% uptick compared to the preceding year. Noteworthy shifts in pricing dynamics reveal a substantial 21% increase in the average home price, now standing at $4,159,401, and a concurrent 12% rise in the average price per square foot, reaching $895. Despite these positive trends, it’s essential to acknowledge that the average days on the market experienced a significant shift, surging by 92% to a total of 95 days.

This metric underscores the evolving landscape of real estate dynamics within the Park City Golf Communities over the past year.

LAND Land sales refer to the transfer or purchase of parcels of empty land

by the escalating costs of building materials and contractors, an

that has not yet been built on or improved upon.

increased demand for the limited pool of skilled tradespeople, and

In 2023, a total of 133 land parcels were sold within Park City Golf

the substantial time and effort required for owners to construct a

Communities, marking a 49% decrease compared to the preceding year and representing the lowest volume of transactions recorded in the past seven years. This decline is hardly unexpected, considering

custom home. Consequently, these factors have made prospective buyers more cautious about investing in land and opting to build a custom home, as opposed to choosing semi-custom options that are

the economic dynamics that unfolded in the United States

already in the construction phase.

throughout 2023. Securing loans for land purchases has proven to

Notably, in 2023, 85% of land sales were paid for in cash, as opposed

be significantly more challenging compared to obtaining a mortgage

to 52% of improved properties were paid for in cash.

for improved properties. This difficulty is further compounded

N U M B E R O F C L O S I N G S C O M P A R E D T O AV E R A G E P R I C E L A N D S A L E S I N PA R K C I T Y G OL F C O M M U N I T I E S (2 01 5 -2 0 2 3) $1,400,000

600

$1,200,000

500

$1,000,000

400

$800,000 300 $600,000 200

$400,000

100

$200,000

0

$0 2015

2016

2017

2018

CLOSED SALES

2

2019

2020

2021

AVERAGE SOLD PRICE

2022

2023

The average price of land in Park City Golf Communities experienced a noteworthy 5% year-over-year increase, reaching an average of $1,331,490. This figure represents the highest recorded average sold price for land in Park City Golf Communities. Interestingly, despite this overall uptrend, three out of the six golf communities in Park City—Promontory, Glenwild, and Victory Ranch—witnessed a decline in the average price of properties sold compared to the previous year. In contrast, Wohali, Tuhaye, and Red Ledges saw a year-over-year increase in their annual average sold prices. Further details are provided below for your reference.

Community

2022 Avg Sold Price

2023 Avg Sold Price

Change

% Change

Glenwild

$1,541,667

$1,200,000

$(341,667)

-22%

Promontory

$1,388,007

$1,324,324

$(63,683)

-5%

Tuhaye

$1,438,404

$1,593,117

$ 154,713

11%

Victory Ranch

$2,086,875

$1,486,875

$(600,000)

-29%

Red Ledges

$634,540

$651,111

$16,571

3%

Wohali

$1,083,563

$1,249,583

$166,020

15%

Grand Total

$1,267,094

$1,331,490

$64,396

5%

Remarkably, the median price of homes in Park City Golf Communities increased by 15%, equating to $163,025 year-over-year, reaching $1,250,900. This milestone establishes the highest median price in Park City Golf Communities. The upswing in the median sales price is attributed to a notable transformation in the price distribution of land transactions within Park City Golf Communities over the past two years. In 2022, a substantial 45% of land sales in Park City Golf Communities were concluded below the $1,000,000 mark, whereas in 2023, only 32% of land transactions fell within this price range. Furthermore, in 2023, 53% of land sales fell within the $1,000,000 to $2,000,000 price range, as opposed to 44% in the preceding year.

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PRICE DISTRIBUTION OF LAND SOLD IN

PRICE DISTRIBUTION OF LAND SOLD IN

PA R K C I T Y G OL F C OM M U N I T I E S I N 2 022

PA R K C I T Y G OL F C OM M U N I T I E S I N 2 023

1% 2%

2% $0 - $999,999

8%

$1,000,000 - $1,999,999

45% 44%

City Golf Communities experienced a remarkable 20% year-over-year surge, reaching $1,270,505 in 2023. This achievement marks the highest average price per acre in the history of Park City Golf Communities and reflects an impressive 200% increase over the course of the past seven years. Notably, the most expensive properties sold in 2023, measured on a price per acre basis, were exclusively situated at Tuhaye.

Tuhaye consistently holds the top position as the most expensive on an average price per acre basis, commanding an average of $1,700,487. Following closely are Promontory at $1,103,566 per acre and Victory Ranch at $1,012,611 per acre. Notably, Wohali stands out by providing exceptional value to buyers, with an average price per acre of $635,074 for all closed properties in 2023. With multiple future amenity builds at Wohali on the horizon, we project that the average price per acre of properties sold at Wohali will likely see an upward trajectory in the coming years.

In 2023, the land transactions within Park City Golf Communities, on average, were 1.31 acres each. This figure marks the smallest average size recorded since 2016.

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32%

$2,000,000 - $2,999,999 $3,000,000 - $3,999,999 $4,000,000 - $4,999,999

The average price per acre for properties sold in Park

14%

53%

I MPROV ED PROPERT IE S “Improved propert y” refers to a parcel of land that has undergone enhancements or developments to increase its value or utilit y. In the context of Park Cit y Golf Communities, Improved Propert y refers to a propert y that has a home built on it.

N U M B E R O F C L O S I N G S C O M P A R E D T O AV E R A G E P R I C E I M PROV E D S A L E S I N PA R K C I T Y G OL F C O M M U N I T I E S (2 01 5 -2 0 2 3) 350

$4, 500,000 $4,000,000

300

$3, 500,000

250

$3,000,000

200

$2, 500,000 $2,000,000

150

$1, 500,000

100 $1,000,000

50

$500,000 $0

0 2015

2016

2017

2018

CLOSED SALES

2019

2020

2021

2022

2023

AVERAGE SOLD PRICE

In 2023, there were a total of 174 home sales in Park City Golf Communities, reflecting a notable increase of 11 closings compared to the previous year. Promontory emerged as the busiest development with 78 closings across various subdivisions. Following closely behind were Red Ledges with 45 closings and Tuhaye with 26. The preeminence of Promontory in these figures is somewhat expected, considering it is the largest Golf Community.

In 2023, the average price of homes within Park City Golf Communities witnessed a substantial 21% year-over-year surge, reaching $4,159,401. Glenwild claimed the top spot as the most expensive golf community, with an average home price of $6,354,536. Following closely were Promontory at $4,603,304 and Victory Ranch at $4,552,359. These figures underscore the notable growth in property values, particularly in Glenwild, Promontory, and Victory Ranch, within the Park City Golf Communities.

AV E R A G E H O M E P R I C E B Y C O M M U N I T Y, M O S T E X P E N S I V E T O L E A S T E X P E N S I V E

1 . Glenwild - $6, 354,536

4 . Tuhaye - $4,203,896

2 . Promontory - $4,603, 304

5 . Red Ledges - $2,785,515

3 . Victory Ranch - $4,552, 359 5

TOTA L SA LE S VOLU ME FOR HOME S I N PA R K C I T Y G OL F C O M M U N I T I E S (2 01 5 -2 0 2 3) $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000

$74 4,413, 267

$300,000,000

$551,880,783

$200,000,000 $100,000,000

$72 3,735,793

$722,872, 374

$185,892,62 3

$228,401,681

$27 1,186,907

$314, 592,454

$372, 2 33, 224

$0

2015

2016

2017

2018

2019

2020

2021

2022

2023

TOTAL SALES VOLUME

Remarkably, the Sales Volume for homes in Park City Golf Communities achieved its second-highest peak in 2023, surpassed only by the first year of the COVID-19 pandemic. A staggering sum exceeding $723 million worth of homes changed hands within these communities last year, driven by an increased number of transactions but also by high average home price, which is the highest ever recorded. Notably, the home sales within Park City’s prestigious golf communities accounted for an impressive 26% of the total transaction volume in the Greater Park City Area during 2023.*

In 2023, the median price of homes sold in Park City Golf Communities experienced a 26% yearover-year increase, reaching $3,800,000. This notable upswing can be attributed primarily to a shift in the price distribution of homes sold within Park City Golf Communities. In 2022, 36% of home sales fell within the $2,000,000 to $3,000,000 range. However, in 2023, only 20% of home sales fell within this range, while a significantly larger proportion—20%—were in the $4,000,000 to $5,000,000 range, up from 11% in 2022. This shift underscores changing trends in the pricing landscape of homes within these communities and buyers’ willingness to pay a higher price for premium products in Park City Golf Communities.

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PR ICE DIS T R IBU T ION OF HOME S BY PR ICE R A NGE , 2022 VS 2023 Price Range

2022

2023

Change

$0 - $1,000,000

1%

0%

-1%

$1,000,000 - $2,000,000

12%

10%

-2%

$2,000,000 - $3,000,000

36%

20%

-16%

$3,000,000 - $4,000,000

25%

25%

+0%

$4,000,000 - $5,000,000

11%

20%

+8%

$5,000,000 - $6,000,000

8%

11%

+3%

$6,000,000 - $7,000,000

1%

5%

+3%

$7,000,000 - $8,000,000

3%

3%

+0%

$8,000,000 - $9,000,000

2%

2%

+0%

$9,000,000 - $10,000,000

0%

2%

+2%

$10,000,000 - $11,000,000

0%

1%

+1%

$11,000,000 - $12,000,000

0%

1%

+1%

$14,000,000 - $15,000,000

1%

0%

-1%

Grand Total

100%

100%

0%

The average price per square foot of homes sold in Park City Golf Communities increased by 12%, or $97, in 2023 to $895. Three developments had an increase in price per square foot of more than $100 in 2023: 1. Victory Ranch - $1,109 in 2023 (+ $172 vs 2022)

The average number of days a property sat on the market before it sold increased by 92%, or 46 days, in 2023 to an average of 95 days on market.

2. Tuhaye - $921 in 2023 (+ $136 vs 2022)

This pattern is likely influenced by increased interest rates, which have slowed

3. Red Ledges - $730 in 2023 (+ $103 vs 2022)

down Park City’s residential real estate market over the past 12 to 18 months.

AV E R A G E P R I C E P E R S Q U A R E F O O T

BY COM MU NIT Y ( AC T I V E LIS T I NGS) Community

Average List Price / Sq Ft

Victory Ranch

$1,146

Tuhaye

$1,135

Promontory

$1,018

Glenwild

$899

Wohali

$806

Red Ledges

$729

Grand Total

$935

Wohali stands out as the epitome of value for price, as its exceptional quality of construction and forthcoming amenities present a highly competitive offering. Despite these remarkable features, the price per square foot remains attractively low, reinforcing Wohali’s position as a top-tier choice for discerning individuals seeking both quality and affordability pre-construction.

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Onie Bolduc | 435.631.1615 LEARN MORE AT

wohaliutah.com

This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, including price, or withdrawal without notice; square footage is an estimate only. ©MMXXIV Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit Sotheby’s International Realty 2024.