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AcreValue Adds Farmland Sale Prices
Granular’s AcreValue continues to add new features and data points to the one-year-old farmland value platform. The most recent is called Comp Sales, and it allows you to see which land sold and for what price during the past two-and-a-half years.
“With Comp Sales, we’re able to give our users one more tool to help them make important land purchase and rent decisions, especially as we hit the time of the year when sales activity starts to pick up,” says Tamar Tashjian, general manager of AcreValue.
The data is pulled in from county public records and will be the first map-based digital tool that will display this information. AcreValue will include land sales from 2,500 of the 3,000 U.S. counties. Some states, such as Missouri, do not have open record laws that extend to nonresidents, so land sales from these states aren’t included in AcreValue.
To view the sales data for a particular area, go to the AcreValue tool and select the “Sales” layer in the upper, left-hand corner. Search or zoom into the area you’re interested in. Once you’re zoomed in far enough, recent sales data will begin to appear.
When you click on a specific sale, you will see the sale amount, date, and number of acres. For more information, users can download a report that includes the names of the buying and selling parties.
Comp Sales, like all existing AcreValue features, is free for all users. Some data points and reports do require users to login. AcreValue’s registered user base has grown more than 700% in 2016.
“With land values having declined by almost 25% over the last three years in some areas of the country, having readily available information about actual market activity is critical to farmers, landowners, brokers, and other industry professionals,” says Tashjian.
Free Digital Plat Maps
Back in May, AcreValue announced another new feature: national digital plat maps.
“For the first time ever, anyone can view legal land ownership boundaries with owner information, as on record with the county assessor, anywhere and from any device,” says Agustina Sacerdote with Granular.
This is the first time that plat maps are available with ownership names on a national map, instead of by individual counties, for free. To view the owner name for a piece of land, you do have to register with your email address.
“We believe there’s a huge need for this up-to-date information: whether it’s an appraiser getting ready for a land sale or listing, or a hunter who needs to understand what is public vs. private land,” says Sacerdote. “Anyone can now simply go to AcreValue and search for a county or address and zoom in on specific fields.”
This data is available in all U.S. states except Alaska and Hawaii.
Overview of AcreValue
Introduced by Granular in 2015, AcreValue is a free site that can be used to analyze the value and productivity of farmland.
“AcreValue brings together different pieces of information around farmland values, including soil information, crop rotation, and land boundaries,” explains Tashjian, who worked at Trulia, a site that shares free real estate market data, before joining the Granular team.
This underlying data is available for every piece of land in the 48 states that AcreValue covers.
In Iowa, Illinois, Indiana, and Minnesota, AcreValue goes one step further. A valuation model uses more than 20 field-level and macroeconomic data variables, including crop prices, to estimate the value of an individual plot of farmland.
“By the end of 2016, we hope to have this feature available to more states in the Corn Belt,” adds Tashjian.
Farmers can use AcreValue to evaluate a piece of land they are considering purchasing or during rent negotiations. After registering, you can select the property you are interested in and generate a report that includes the average county land values as well as soil ratings.
“This is about giving everyone equal and better access to public information about farmland values, which will help make the market more efficient,” sums up Tashjian.