Successful Land Sale: Henry County, Illinois, Sale Averages $12,200
If you've heard it once, you've heard it 100 times: If you are going to sell farmland, make sure you have good neighbors. That happened October 22 in Henry County, Illinois, where 65.73 acres of choice farmland sold at auction. The sale helped settle an estate.
Adam Kilcoin, auctioneer for Kilcoin Auction, says the land is in a “strong area” and that two neighbors locked horns over the property. “The sale started out a little slow, but it picked up until one of them bought it,” he reports. “He was pretty determined.”
The land sold for $801,906, or $12,200 per acre. “That’s a bit better than we expected,” Kilcoin says.
The tract has mostly Ipava and Cisco silt loam soils. It rolls and has a wet draw in the middle of the property. The Productivity Index is137.3 (based on a 61-to-147 scale).
Kilcoin says land prices have faded a bit with the recent slump in commodity prices. In Henry County, however, demand for land remains strong.
According to the Illinois Society of Farm Managers and Rural Appraisers, good-quality Henry County farmland averaged about $9,250 per acre, while excellent quality land averaged $12,250 per acre in 2016. Corn yield in the county last year averaged 193.2 bushels per acre; soybeans averaged 57.2 bushels per acre.
For more information on this tract, view the full AcreValue report.
Best of the Rest
Iowa, Plymouth County: 80 acres north of Kingsley sold October 25. The tract has 66.36 acres of tillable farmland, featuring mostly Colo soils and a Corn Suitability Rating 2 of 82.2 (based on a 5-to-100 scale). A creek cuts through the farm, which was owned by Morningside College. It sold for $656,964 ($9,900 per acre times the 66.36 tillable acres). Stalcup Ag Service had the sale.
Nebraska, Perkins County: 160 acres southeast of Grant sold October 27. The land has 132.3 acres of pivot-irrigated cropland, with 20.1 acres in the CRP (paying $55.80 through 2018 and eligible for renewable). Soil types include Satanta and Kuma loams. The tract includes a seven-tower Reinke pivot with monitor, plus 1,000-gpm electric well. It sold for $976,000 ($6,100 per acre), not including a 1.5% buyer's premium. Farmers National had the sale.