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Vegas-Area Land Sales Continue to Decline

LAS VEGAS-Total land sales in the Las Vegas valley have come in under 1,000 acres for five straight quarters, according to a new report.

By Brian K. Miller | Updated on October 17, 2007

LAS VEGAS-The number of properties trading hands here slowed during the third quarter and pricing declined from mid-year, according to Applied Analysis. The locally based business advisory attributed the results to a slowdown in the residential market, concerns regarding pricing and overall interest rates.

The report found that 484 acres of vacant property sold during the third quarter of 2007, which is a 45% decline from the 881 acres sold in the third quarter of 2006. Excluding premium-price resort property transactions, sales averaged $677,300 per acre in the third quarter, which is 5.7% below the second quarter but 1.5% higher than the third quarter of 2006.

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