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NUMBER OF IOWA FARMLAND AUCTIONS AT RECORD HIGH, PRICE RECORDS BEING SHATTERED
Jul. 5, 2022
by Jim Rothermich, MAI, ARA, ALC, Iowa Appraisal, Des Moines, IA
Greetings!
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| Rothermich |
June 2022 came in with a record-setting 19,735 auctioned acres for the month, more than doubling the previous record of 8,961 acres in June 2021. Farm realtors tell me most of the land going to auction is from estate sales. Heirs of these estates are taking advantage of the historically high land prices, loosening the grip on farms that have been held tight for generations.
A farm in Franklin County auctioned on June 15th had been in the same family since 1887, a 135-year hold period. High land prices are bringing farms to the market that are "one chance in a lifetime" to buy. As I often say, "The best time to buy a farm is when it is for sale." Yes, prices are the highest they have ever been, but you only pay for a good farm once.
Numerous price records have been shattered this month. Jones County produced a sale at $20,200/acre on 79 acres with a tillable CSR2 of 57.7, equating to $364/point, a stunning price record surpassing the old record by some distance. Per the auctioneer, the improvements on this tract had minimal contributory value.
To read the entire report click here.
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