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Your Precious Land

RSS By: Mike Walsten, Pro Farmer

Mike Walsten has covered major business trends in agriculture for more than 40 years.

Survey: Illinois Land Values Finished 2009 Steady To Slightly Stronger

Mar 19, 2010

Mike Walsten

The value of good and excellent quality Illinois farmland finished 2009 steady to slightly higher across the state, according to the annual survey of farmland values and rents conducted by the Illinois Society of Professional Farm Managers and Rural Appraisers (ISPFMRA). The survey, released today in Bloomington, Ill., showed excellent quality farmland averaged $7,050 an acre on December 31, 2009, up 0.7% versus 2008 while good quality farmland averaged $6,300 an acre, up 0.8%. Poorer quality farmland finished the year steady to weaker. Average quality farmland was pegged as unchanged versus 2008 while fair quality farmland was down 2.3% compared to a year earlier.

Regional differences were apparent in the survey. The survey found the value of excellent quality land was steady to 4% lower in the northern counties of the state but excelllent quality land was steady to 10% stronger in the central region of the state.

The survey also found the total number of tracts changing hands was down significantly in 2009 as owners remained strong holders. Declines in sales volume of 30% to 40% was reported frequently with some areas reporting declines in volume of 50% to as much as 90%. The survey reported 47% of survey respondents expected land values would rise in 2010. In 2009, 26% thought values would rise.

Click here for the press release.

The next issue of LandOwner will carry survey findings in detail. I you'd like to see a copy of LandOwner, just drop me an email at landowner@profarmer.com or call 800-772-0023.

 

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COMMENTS (4 Comments)

Anonymous
Did they happen to mention in the survey the number of acres that were sold last year at big bucks compared to the previous acres sold in years past?
6:36 PM Mar 19th
 
Anonymous
Well shoot that means we must be doing good then. Who needs $7 corn and $15 beans.
Farmers can pay big bucks for farm ground no matter how it cash flows. I see the Illinois Society of Professional Farm Managers and Rural Appraisers did the survey. Ya spose they might have tweeked the numbers because it would be advantageous to their business? Never met a farm manager yet that I would let hold my billfold.
6:33 PM Mar 19th
 

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