Terva Releases Q1 2017 Farmland Auction Report
The Terva team has compiled farmland auction information from across Iowa in its first quarter report for 2017.
Highlights of the report, which covers January to March 2017, feature a breakdown of auctions in nine distinct regions. Of the 110 properties sold during these first three months of the year, the west-central region saw the most auctions at 19; the east-central part of the state saw the fewest with two farmland auctions. On average, farms sold for $6,885 per acre. Compared with the previous quarter, October to December 2016, sales dipped 9.6%. Of those farms, 72 properties had at least 85% tillable land, which sold for an average of $7,925 per acre. This is an 8.1% decrease compared with the three months earlier.
A breakdown by region showed that all farmland sales ranged from a high of $10,130 per acre in the northwest region to a low of $5,038 per acre in the south-central region. The sale price for properties that were at least 85% tillable ranged from $6,244 per acre in the south-central region to $9,627 per acre in the northwest region. The area that saw the least amount of movement was the east-central region with two auctions, one of which had at least 85% tillable acres. Both properties in that area sold, on average, for $6,775 per acre with the property including tillable acres selling for $7,050 per acre. This area also saw the biggest percentage change (-26.6% for all farms/-32.6% for 85% tillable) compared with the average dollar per acre from the previous quarter.