Page 3 - Las Vegas LVQR Market Research Report Q1 2024

Colliers 3
Economy
Las Vegas 24Q1

Employment Employment Growth

Unemployment in the Las Vegas-Paradise MSA was 5.2% in Feb 2024 | YOY
February 2024, 0.8-points lower than one year ago.
Unemployment hit a recent high of 6.1% in July of 2023 before Government 9.9
decreasing to the current low of 5.2%.
Logistics 6.6
From February 2023 to February 2024 employment in Southern
Nevada increased by 31,200 to 1,142,600 jobs, representing 2.8% Leisure & Hospitality 3.5
annual growth. Employment has decreased significantly from the Education & Health
1,165,400 jobs recorded in November 2023, and the chief growth 3.0
sector, year-over-year, was Government. Manufacturing 2.1
Hospitality Sector Financial Activities 1.8

February numbers from the LVCVA showed visitor volume up Other Services 1.5
9.5% in 2024 compared to 2023, a boost that could be credited to
Construction 1.0
Las Vegas hosting Super Bowl LVIII. Gaming revenue was up 8.9%
year-over-year. Room occupancy averaged 81.3% year-to-date in Wholesale 1.0
2024, compared to 80.6% in 2023.
Services 0.9
This year has so far seen the sale of one hospitality property.
Fewer additions to the the hospitality market were under Information 0.5
construction or planned this quarter than in the past few years, Natural Resources 0.0
suggesting that hospitality development was slowing down to
allow investors and operators to regroup after the very high level Retail -0.8
of activity that occurred after the lockdowns.
-2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0
Visitor Volume Jobs (000's)
Millions of visitors
Source: Colliers International
2022 2023 2024 Home Sales
3.80 According to Home Builders Research, 1,888 new homes were
sold in the first two months of 2024, a 31.4% increase from 2023.
3.60
The new home median price posted annual growth of 0.3% in
3.40 February 2024 to $480,097.
3.20 The Las Vegas Realtors reported 3,375 existing homes sold in the
3.00 first two months of 2024, a 10.8% increase from the same period
in 2023. The median price for existing homes posted annual
2.80 growth of 8.2% in February 2024 to $460,000.
2.60
The median price for new and existing homes decreased in 2023,
2.40 while sales fell relatively flat. The increase in home sales recorded
so far in 2024 has been accompanied by an increase in the median
2.20
home price, and an even larger increase for existing homes than
2.00 new homes. Mortgage rates remains stubbornly high compared to
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec a few years ago, and this, plus higher home prices, may head the
home sales rally off at the pass in 2024.
Source: Colliers International

Colliers | Las Vegas | 24Q1 | Economic Report