Texas Land Values Steady Versus Year Ago
Dec 11, 2009
The value of Texas ranch and cropland is steady compared to a year ago, according to the most recent survey of ag bankers conducted by the Federal Reserve Bank of Dallas. The survey, covering the third quarter of 2009, indicated dryland and irrigated cropland are up slightly at 0.6% and 0.5%, respectively, versus 2008. The same survey shows ranchland is up 3% when compared to a year earlier.
The survey pegs the average value of an acre of Texas dryland cropland at $1,335 an acre, an acre of irrigated cropland at $1,320 and acre, and an acre of ranchland at $1,489 an acre.
Besides serving bankers in all of Texas, the Dallas Fed bank also serves bankers in sourthern New Mexico and northern Louisiana. When looking at the entire district served by the Dallas bank, dryland is up a slim 0.2% versus a year earlier, irigated cropland is up 0.3% and district ranchland is down 0.7%.
When comparing figures versus the previous quarter, Texas dryland cropland is down 1.1%, irrigated cropland is down 0.4% and ranchland is up 1%. On a district-wide basis, dryland cropland is off 1.4% versus the prior quarter, irrigated ground is down 0.4% while ranchland is unchanged.
The survey found 26% of all respondents expect farmland values would fall during the fourth quarter. That is an increase from the second quarter when 17% said they expected values would decline.
Please click here for the full report from the Federal Reserve Bank of Dallas..
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