Woodland Park/Teller County Market Update – November 2019

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
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About The Author

Rocky Mountain Commercial Brokers

Rocky Mountain Commercial Brokers is a group of independent professionals who specialize in the sale and lease of office, retail, healthcare, industrial, investment properties, land and ranches in the Rocky Mountain region. Our commercial real estate broker members have met high standards and recognition in their field and have years of experience with all aspects of commercial real estate.