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Land Sale: Hancock County Land Sale Averages $8,200 per Acre
College football season is upon us. And, so too is the unofficial farmland auction season.
The sale of three tracts totaling 216.96 acres in Hancock County, Illinois, on August 27 is the first of several land auctions booked by Sullivan Auctioneers, of Hamilton, Illinois.
The sale averaged $8,219.66 per acre – a good way to start the season.
“This was a good, strong sale,” says Michael Sullivan, one of the principles in the auction company. “We haven’t sold that much farmland for a few months. With the way spring and summer were, and low commodity prices, this was good to see.”
The land is located in contiguous tracts 3 miles east of Fountain Green, Illinois.
Here is individual tract information:
- Tract 1, 55.55 acres is all cropland, with Ipava and Virden soils and a Productivity Index of 140.1 (based on a scale of 100 to 147). It sold for $588,830 ($10,600 per acre).
- Tract 2, 84.23 acres just south of Tract 1, has a 136.8 PI and features Ipava, Virden, and Clarksdale soils. It brought $808,608 ($9,600 per acre).
- Tract 3, located just south of Tract 2, has 77.18 acres of which 52 acres are cropland with the balance in draws, waterways, and a pond; this tract also has an older farmstead with a 42×72-foot machine shed and small grain bins. The PI on cropland is 116.5. It sold for $385,900 ($5,000 per acre).
All the buyers were neighboring landowners, and more than 20 registered bidders were in the action. “The bidders were adjoining neighbors, local farmers, and a couple of investors,” Sullivan says.
The farm sold for slightly higher than anticipated, setting the stage for what could be an interesting fall of land sales.
“We’re cautiously optimistic about this fall,” Sullivan says. “There is a lot of interest in the land we have coming up next month.”
|Hancock County, Ill.||Price Per Acre|
|Tract 1||55.55 acres||$10,600|
|Tract 2||84.23 acres||$9,600|
|Tract 3||77.18 acres||$5,000|