Summerlin land sales slipped in recent months, a new report shows, but the rising prices remained well above the Las Vegas Valley's average.
Howard Hughes Corp., developer of the 22,500-acre community, sold 58.1 acres of land in the quarter ending June 30, down 7 percent from the same period last year, the company said Monday.
It sold the land for about $36.2 million, down 4.5 percent from a year earlier.
The drop in sales came amid rising prices, with buyers paying $622,000 per acre last quarter, up 2.5 percent year-over-year.
Nearly all the deals involved land for home construction.
Summerlin is the largest master-planned community in the valley. It’s also one of the most affluent and popular places to live, with roughly 105,400 residents at the end of 2014, according to Howard Hughes, or about 5 percent of Clark County’s population.
The community, which runs along the western rim of the valley, had almost 5,500 acres of developable land by Dec. 31. The bulk of that — some 4,600 acres — was for housing.
Dallas-based Howard Hughes reported the recent land sales as part of its second-quarter earnings report. The company booked $50.6 million in profit, compared with a $14.7 million loss a year earlier.
Despite the sliding sales totals in Summerlin, land values there still far outweighed those in other parts of the valley.
Buyers picked up 1,224 acres in Southern Nevada through June this year for $262 million, according to Colliers International, an average price of about $214,000 per acre.
Meanwhile, Howard Hughes also reported Monday that at Downtown Summerlin, its 106-acre shopping and office complex at Sahara Avenue and the 215 Beltway, 82 percent of the roughly 818,500 square feet of retail space is leased.
It also said that 54 percent of the project’s nine-story, 206,300-square-foot office tower, dubbed One Summerlin, is leased.
The project formerly known as the Shops at Summerlin Centre — which had been mothballed, partially built, by previous owners in fall 2008, during the U.S. financial meltdown — opened this past October.