Week 17 Iowa Farmland Auction Results
Jason J Smith
Auctioneer & Land Broker
Jason is an experienced farmland broker and auctioneer with extensive experience in farmland sales across this Midwest. Jason has worked with hundreds of clients to create advantageous outcomes. If you are selling land schedule a consultation with Jason by calling or using the calendar.
Iowa Farmland Sales Summary For Week 17 Of 2018
Here we are again with a very slow week in Iowa farmland auctions. Planting season is in full swing and very few farms are being offered for sale. This week we are reporting on just over 100 acres, less than 1 typical auction in most cases. This week’s farms are both eastern Iowa farms, and for the most part southeastern Iowa with both coming in at an average of $6,150 per acre.
In the absence of much to talk about lets talk about demand across the state. We deal with farmland sales across the entire state so we constantly have our finger on the markets pulse and understand whats available and whats wanted. We take regular calls from farmland buyers both local and investor types looking for farms that are hidden from public view that we might know of and occasionally we can help those people but lately we’ve noticed those calls, website inquiries and emails have increased significantly to the point of 3-4 per day and on a particular day last week we had 9 inquiries in 1 day looking for available farmland. I can honestly say thats probably a high in my career to get that many phone calls consistently and it is a symptom of so few farms available.
Why is supply so low right now? I don’t know if there is a really good answer to that. Many will surmise that it is the time of year but many past years have seen higher volume during this time period. Could it be fear? Possibly some sellers fear selling into a market with low commodities despite very strong demand and solid farmland prices. They are subjected to the same news we all are which has painted a bleak picture of farm income and profits in recent years, they may be swayed by tenant opinions. Remember these farm owners have likely had to reduce rents in the past 3 to 4 years so they are not blind to the issues in the market today and they’ve already felt the pressure and I have prospects in that particular situation. I tend to believe that hesitation right now will cost money in the long run but I don’t have a crystal ball to claim I’m right. Only time will tell but in today’s market with low sales, reasonable interest rates and a buyer pool hungry for farmland combined solid price trends in the last 6 months we know where we are today, tomorrow is a guess. I can say with almost certainty that even if commodity prices increase we are in pattern of increasing interest rates. You get a wash. The farmland market will not suddenly take a move northward and any appreciation right now is very slow. Its Spring and planting season is in full force between rains here in the Midwest and the commodity markets have a little life in them and even a little good news here and there. Here is to a safe planting season for everybody and a profitable growing season for everybody.
Iowa Farmland Auctions Report April 22-28, 2018
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