The price per buildable square foot of land set for retail averaged $44, and condo development averaged $87.  Those figures are both down more than 40% from 2007.

Lack of access to financing is limiting the number of potential land buyers, and that's one factor compressing prices, says Dan Fasulo.  "We're just not seeing the buying frenzy from a couple of years ago," he said. "Properties that are priced too high are just not selling, and sales activity for all kinds of land has slowed to a trickle."