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.
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