Woodland Park/Teller County Market Update – November 2019
Commercial Real Estate sales volume of $18.6M with 16 transactions YTD in 2019 in Woodland Park is down 31% compared to $26.9M sales with 13 transactions YTD in 2018. Residential Real Estate sales in Teller County of $119M YTD in 2019 was up 29.3% compared to sales in 2018 of $92M. Sales Taxes were down 4% YTD in 2019 compared to taxes collected YTD in 2018. New developments include a new 64 room Microtel set to open November 2019, Charis Bible College completes $20M acquisition of adjacent land and buildings, multiple casinos are expanding in Cripple Creek and new “small home development” completes purchase of 6.5 acres.
Woodland Park/Teller County Market Update
Item
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source � TCTA )
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Sales Volume
$26.9M
$18.6M
-31%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Transactions
13
16
18.8%
SALES TAX INDICATORS (Source – City of Woodland Park)
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Sales Taxes
$625K
$600K
-4%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Lodging Taxes
27K
25K
-7.4%
VACANCY RATES
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Office
10%
8%
-20%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Retail
10%
5%
-50%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Industrial
5%
5%
0%
CAP RATES
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Office
9.5%
9%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Retail
6.5-8%
6.5-8.5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Industrial
8-9%
7.5%
RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Sales Volume
$92M
$119M
29.3%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Transactions
412
390
-5.3%
Item :
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Average Price
$342,000
$354,000
3.5%
Item :
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days on Market
63
54
-14.3%
DEVELOPMENTS
- New 64 room Microtel set to open November 2019
- Charis Bible College completes $20M acquisition of adjacent land and buildings
- Multiple casinos are expanding in Cripple Creek
- New “small home development” completes purchase of 6.5 acres
