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Successful Land Sale: Cass County, Indiana, Averages $7,692 an Acre
When they scheduled the sale, Halderman Auction probably didn’t imagine it would be on the same night as Game 7 of the World Series between a team from Illinois and another from Ohio. Alas, the auction of 211 acres in Cass County, Indiana, was, indeed, the evening of November 2. No matter – the sale ended up taking place and the selling price averaged $7,692 per acre. That’s just a touch below the AcreValue estimate (see the report below), and below what the sellers expected.
There were two tracts selling:
- Tract 1: 112 acres, including 110 tillable, featuring mostly Fincastle and Cyclone silt loam soils. It sold for $855,000 ($7,634 per acre).
- Tract 2: 99 acres, with 96 tillable acres, features mostly Fincastle and Cyclone silt loam soils. It sold for $825,000 ($8,333 per acre).
“We thought it may bring a bit more than that,” says AJ Jordan, representative for Halderman Real Estate Services. The buyers were neighboring farmers, while investors placed the runner-up bids.
In 2015, Cass County’s corn crop averaged 129 bushels per acre. Soybean yields averaged 51.1 bushels per acre and winter wheat, 61.5 bushels per acre.
The value of excellent farmland in northern Indiana has declined 14% from 2015 to 2016; 10% for average farmland, according to Purdue University. Land here averages about $8,100 per acre, based on the 2016 Land Value Survey from Purdue. Cash rents averaged $260 per acre for top land in the region, while average land cash rent averaged $20 per acre. Both of those values are 8.5% and 11% below last year, the survey reports.
For more information on this tract, view the full AcreValue report.
Best of the Rest
Iowa, Keokuk County: 77 acres north of What Cheer sold November 2. There are 68.22 acres of tillable land, featuring mostly Otley and Nira silty clay loam soils with a Corn Suitability Rating 2 of 68.22 (on a scale of 6 to 100). It sold for $623,700 ($8,100 per acre). Hi Dollar Auction had the sale.
Minnesota, Kandiyohi County: 71.89 acres north of Atwater sold November 1. The tract has mostly Wadenhill-Sunburg soils with a Crop Productivity Index of 87.5 (on a scale of 0 to 100). The land rolls a bit but produces well, according to auctioneer Allen Henslin of Henslin Auction. It sold to a neighboring farmer for $366,639 ($5,100 per acre). A 6% buyer’s fee is added to that selling price.
Nebraska, Madison County: Two tracts northwest of Madison sold November 1. Tract 1, 40 acres, has mostly Class II Nora-Crofton and Alcester silty clay loam soils. It sold for $242,000 ($6,050 per acre). Tract 2, 117.63 acres adjacent to Tract 1, is mostly all tillable with a draw and woods in the middle. Soils include Nora-Crofton and Alcester, mostly Class III. It sold for $713,900 ($6,050 per acre). Farmers National had the sale.
South Dakota, Hutchinson County: Three tracts totaling 142.29 acres sold November 2. Tract 1, 78.65 acres just northwest of Freeman, has 72.79 acres tillable with the rest in trees and waterway. Soil types are Clarno and Tetonka loam, with a Productivity Index of 77.8, based on a 0 to 100 scale. It sold for $503,360 ($6,400 per acre). Tract 2, 40 acres just west of Freeman, has 35 acres tillable and the rest in low land. Soil types are Clarno, Clarno-Davison, and Clarno-Ethan with a PI of 73.9. It sold for $119,200 ($5,000 per acre). Tract 3, 23.84 acres north of Freeman, has 22.88 acres tillable and the rest in trees and road right of way. Soils include Clarno-Davison, Tetonka-Harps, and Worthing with a PI of 75.1. It sold for $169,860 ($7,125 per acre). Wieman Land and Auction had the sale.