The value of an acre of Iowa farmland fell by 7.6% during the six-month period ending March 1. That's according to the most recent survey of Iowa farmland values conducted by the Iowa Farm and Land Chapter #2 of the REALTORS Land Institute (RLI). "This is the first decrease shown by our survey since September 1999," said Troy Louwagie, Hertz Real Estate Services, Mt. Vernon, who leads the twice-a-year survey for the RLI.
In September, the RLI survey reported a 6.6% increase in land values for the March-to-September period. Combining the 7.6% decrease with the 6.6% increase reported in September 2008 indicates a statewide average decrease of 1.0% for the year from March 1, 2008 to March 1, 2009," said Louwagie.
All nine Iowa crop reporting districts showed a decrease, the survey said. These district declines varied from a 2.5% decrease in Southeast Iowa to a 14% decrease in West Central Iowa for the September 2008 to March 2009 period.
The Iowa RLI has conducted the March and September farmland surveys since 1978.
I will cover more details of the survey in the March 12 issue of LandOwner newsletter. If interested in seeing a copy, just drop me an email at [email protected] or call me at 800-772-0023.