Page 39 - Las Vegas LVQR Market Research Report Q1 2024

Land
Las Vegas 24Q1 Key Takeaways
Residential land dominated land sales in 24q1
Sales volume increased to $315 million
Average land price decreased to $19.44 PSF

YOY YOY YOY YOY
Parcels Sold Acreage Sold Sales Volume Average Price/SF
63 FORECAST 372.1 FORECAST $315M FORECAST $19.44 FORECAST

Land Sales Improve in the First Quarter

Land sales improved in the first quarter of 2024 after relatively light sales in 2023. A total of 372.1 acres sold this quarter. Sales
volume increased to $315 million, with residential-zoned land dominating sales this quarter. The average price per square foot
for land in the Valley decreased to $19.44 psf from $21.34 psf one year ago.

Market Indicators Market Graph

6.74% 2.85% 4.192% $900 MM $25.00
Unemployment GDP - Quarterly % U.S. 10 Year $800 MM
Rate change yr/yr Treasury Note
$700 MM $20.00
Historic Comparison $600 MM
$15.00
23Q1 23Q4 24Q1 $500 MM
$400 MM
Commercial Land Sales $10.00
(Acres) 82.9 51.8 43.7 $300 MM
$200 MM $5.00
Commercial Land Price $40.51 $25.06 $27.40
Per Square Foot $100 MM
$ MM $0.00
Industrial Land Sales 69.0 13.3 24.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
(Acres)
2021 2022 2023 2024
Industrial Land Price $11.99 $19.96 $5.79 Sales Volume Price Per SF
Per Square Foot

Residential Land Sales 143.3 191.6 304.0 Even without an “Apex boost”, land sales improved in the first
(Acres) quarter, primarily in the residential-zoned land sector.

Residential Land Price
Per Square Foot $14.75 $17.90 $19.39

Development

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193.2 acres | P/C 166.2 acres | P/C 134.6 acres | P/C 94.3 acres | P/C 92.6 acres | P/C 85.0 acres | P/CC
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