Posts Tagged ‘land sales’

Rural Land Market Continues Strong & Steady

SW Wisconsin Land Market Update

The average price per acre increased slightly during the 2nd quarter 2017 in southwestern Wisconsin while the number of sales jumped 31% when compared to the 1st quarter of 2017. The average price per acre of 2nd quarter sales for the entire region was $3,484.

Year over year comparisons show the number of transactions as well as the average price per acre down slightly due to a strong 2nd quarter in 2016. Overall, the rural land market remains vigorous yet without much upward pressure on prices.

Land Market Update blog post image

Current Market Characteristics

  • Inventory is on the increase

Properties new to the market picked up somewhat during 2nd quarter, but not nearly enough to meet demand. New listings, if priced correctly, are getting a lot of attention.

  • Stronger demand for larger parcels

While the number of transactions are down from last year, the number of acres sold during the 1st half of 2017 increased by 25%. Larger parcels continue to attract buyers this year with the average parcel size sold during 2nd quarter at 83 acres.

  • Farmland demand is on the rise

The sale of farmland acres jumped 58% during the 1st half of 2017 compared to the 1st half of 2016. Farmland comprised 36% of the total acres sold so far in 2017, whereas farmland acres totaled just 28% of the total acres sold during the 1st half of the previous year.

  • Buyers are actively looking, making offers

Once Spring arrived, buyer activity resumed a healthy pace. Buyers in general continue to bid at market value for rural land keeping prices steady.

2nd Quarter 2016 vs. 2nd Quarter 2017

Here’s a look at land sales by county in SW Wisconsin:

Grant County
5 tracts of land sold during the 2nd quarter 2017 (involving 513 acres) compared to 4 sales during the 2nd quarter of the previous year (involving 404 acres). The average price per acre was $3,140 compared to $4,352 a year ago; a decrease of 28%. This is the largest county in the region with a lot of variation in land type from north to south. The type of land and location within the county are the biggest factors in this price fluctuation.

Iowa County
3 tracts of land sold during the 2nd quarter 2017 (involving 118 acres) compared to 6 sales during the 2nd quarter of the previous year (involving 403 acres). The average price per acre was $4,213 compared to $4,131 a year ago; an increase of 2%.

Lafayette County
2 tracts of land sold during the 2nd quarter 2017 compared to 4 sales during the 2nd quarter of the previous year. The average price per acre was $5,739 compared to $3,605; an increase of 59%. The major factor influencing this price shift was the type of land sold (mostly farmland in 2017) and does not indicate a major market change.

Sauk County
8 tracts of land sold during the 2nd quarter 2017 (involving 369 acres) compared to 14 sales during the 2nd quarter of the previous year (involving 795 acres). The average price per acre was $3,993 compared to $3,729 a year ago; an increase of 7%.

Vernon County
9 tracts of land sold during the 2nd quarter 2017 (involving 841 acres) compared to 6 sales during the 2nd quarter of the previous year (involving 337 acres). The average price per acre was $3,468 compared to $3,296 a year ago; an increase of 5%.

Crawford County
6 tracts of land sold during the 2nd quarter 2017 (involving 808 acres) compared to 3 sales during the 2nd quarter of the previous year (involving 153 acres). The average price per acre was $2,695 compared to $2,185 a year ago; an increase of 23%

Richland County
5 tracts of land sold during the 2nd quarter 2017 (involving 312 acres) compared to 5 sales during the 2nd quarter of the previous year. The average price per acre was $2,650 compared to $3,088 a year ago; an decrease of 14%.

For Landowners

If you would like a more detailed land market report for your area (free)*, visit www.LandMarketReport.com for instructions on how to order.

Averages are just guidelines
Buyers and sellers need to be aware that average sale prices are only a general guideline. An on-site property evaluation by an experienced land agent is needed to give you an accurate picture of what a property is worth in the current market. To learn more about the rural land market in Southwest Wisconsin, begin your search here: Southwest-Wisconsin-Real-Estate.com

*Free Land Market Reports are available to landowners for these SW Wisconsin Counties: Grant, Lafayette, Iowa, Sauk, Richland, Crawford, & Vernon
*SW Wisconsin includes Grant County, Lafayette County, Iowa County, Sauk County, Richland County, Crawford County, & Vernon County. All data was sourced from the SCWMLS & WiREx. Because this article was intended to review the rural land market, properties smaller than 20 acres, residential, and commercial land sales were not included.

Strong, Stable Rural Land Market

SW Wisconsin Land Market Update

A trend has emerged in the rural land market of southwestern Wisconsin. Since 2014, we’ve seen a strong showing in the first half of the year, then a slower third quarter followed by a rebound during the fourth quarter. That’s precisely what the numbers show for 2016 as well.

2016 Rural Land Market Review

1st Quarter- 2296 acres sold in 32 transactions for an average of $3,325/acre

2nd Quarter- 2481 acres sold in 42 transactions for an average of $3,484/acre

3rd Quarter- 1763 acres sold in 26 transactions for an average of $3,181/acre

4th Quarter- 2767 acres sold in 39 transactions for an average of $3,472/acre

land-market-update-blog-post-image

Current Market Characteristics

  • Low Inventory Continues

This sounds like a looping track, but low inventory persists. This has been the case since around October of 2015. Nice properties 40-150 acres are selling quickly. The average parcel size that sold during fourth quarter was 71 acres. This is a great time for landowners to put properties on the market.

  • Buyers Waiting in The Wings

Land buyers continue watching and waiting; but immediately jump in the game when a fairly priced property comes on the market.

  • Prices rebound

Rural land prices rebounded from third quarter’s average of $3,181/acre to finish the year at $3,472/acre. This 4th quarter 2016 average price/acre when compared to $3,308 in the 4th quarter of 2015, was an increase of 10.8%.

4th Quarter 2015 vs. 4th Quarter 2016

Here’s a look at land sales by county in SW Wisconsin:

Grant County

4 tracts of land sold during the 4th quarter 2016 (involving 583 acres) compared to 8 sales during the 4th quarter of the previous year (involving 516 acres). The average price per acre was $3759 compared to $3026 a year ago; an increase of 24%.

Iowa County

7 tracts of land sold during the 4th quarter 2016 (involving 652 acres) compared to 6 sales during the 4th quarter of the previous year (involving 399 acres). The average price per acre was $3686 compared to $3855 a year ago; a decrease of 4%.

Lafayette County

Zero land sales were reported during the 4th quarter 2016 compared to 2 sales during the 4th quarter of the previous year (involving 62 acres). The average price per acre (carried over from third quarter) remains at $4688 compared to $3475 a year ago; an increase of 35%.

Sauk County

10 tracts of land sold during the 4th quarter 2016 (involving 479 acres) compared to 8 sales during the 4th quarter of the previous year (involving 696 acres). The average price per acre was $3444 compared to $3570 a year ago; a decrease of 3.5%.

Vernon County

7 tracts of land sold during the 4th quarter 2016 (involving 320 acres) compared to 8 sales during the 4th quarter of the previous year (involving 721 acres). The average price per acre was $3219 compared to $2745 a year ago; an increase of 17%.

Crawford County

5 tracts of land sold during the 4th quarter 2016 (involving 354 acres) compared to 5 sales during the 4th quarter of the previous year (involving 310 acres). The average price per acre was $2671 compared to $2677 a year ago; a negligible decrease of 0.2%.

Richland County

6 tracts of land sold during the 4th quarter 2016 (involving 379 acres) compared to 5 sales during the 4th quarter of the previous year. The average price per acre was $2834 compared to $2582 a year ago; an increase of 10%.

Averages Are Just Guidelines

Buyers and sellers need to be aware that average sale prices are only a general guideline. An on-site property evaluation by an experienced land agent is needed to give you an accurate picture of what a property is worth in the current market. To learn more about the rural land market in Southwest Wisconsin, begin your search here: Southwest-Wisconsin-Real-Estate.com

For Landowners

If you would like a more detailed land market report for your area (free)*, visit www.LandMarketReport.com for instructions on how to order.

*SW Wisconsin includes Grant County, Lafayette County, Iowa County, Sauk County, Richland County, Crawford County, & Vernon County. All data was sourced from the SCWMLS & WiREx. Because this article was intended to review the rural land market, properties smaller than 20 acres, residential, and commercial land sales were not included.

Land Market Strengthens at Close of 2015: SW Wisconsin Land Market Update

After a pause during 3rd quarter, the land market started making headway again during the 4th quarter of 2015 in Southwest Wisconsin.

4th Quarter 2015
The number of transactions was up 16% over 3rd quarter with 42 completed sales. Total acres sold remained about the same as 3rd quarter with 3,377 acres changing hands of which 27% was farmland.

2015 Land Transactions Graph

Five of the seven counties in SW Wisconsin saw an average price per acre increase when comparing the 3rd and 4th quarters. Sauk County’s average price per acre was down slightly due to buyers closing on larger parcels which usually effects a lower $/acre price. Lafayette County also averaged a lower sale price due to the sales being predominately recreational land rather than farm land. When studying the individual transactions in these two counties they show a steady to strengthening market.

During the 4th quarter SW Wisconsin had low property inventory. A good number of nice properties were sold and not many new listings came on the market. This tight market should push prices upward and encourage potential sellers to put their property on the market.

SW Wisconsin Rural Land Sales 2015 in Review

 12 month Review
2015 2015 2015 2015
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
# of transactions 30 37 36 42
# of acres sold 2272 3162 3670 3377
% of acres tillable 44% 37% 23% 27%
average $/acre $3,502 $3,947 $3,308 $3,133
 …
Avg $/acre 2015 2015 2015 2015
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Grant $3,228 $3,387 $2,339 $3,026
Iowa $4,778 $5,649 $3,451 $3,855
Lafayette $4,726 $6,364 $6,364 $3,475
Sauk $3,589 $4,098 $3,737 $3,570
Richland $2,591 $2,415 $2,382 $2,582
Crawford $2,684 $2,592 $2,549 $2,677
Vernon $2,914 $3,127 $2,337 $2,745


Land as a Long-Term Investment
Now that we are through the recession years, it is interesting to look back and see how far the land market has come. The average price per acre in Southwest Wisconsin has gone up 16% over 5 years. For those savvy enough to buy at the bottom in 2012, the average investment has increased in value about 18.5% over the last three years.

 5 Year Review – SW Wisconsin
2011 2012 2013 2014 2015
Avg $/acre $2,996 $2,929 $3,114 $3,260 $3,473


If you would like a more detailed land market report for your area (free), visit www.WisconsinLandValues.com for instructions on how to order.

Buyers and sellers need to be aware that average sale prices are only a general guideline. An on-site property evaluation by an experienced land agent is needed to give you an accurate picture of what a property is worth in the current market. To learn more about the rural land market in Southwest Wisconsin, begin your search here: Southwest-Wisconsin-Real-Estate.com

SW WI Land Market Strengthens 4th Quarter 2015-2

*SW Wisconsin includes Grant County, Lafayette County, Iowa County, Sauk County, Richland County, Crawford County, & Vernon County. All data was taken from the SCWMLS & WiREx. Because this article was intended to review the rural land market, properties smaller than 20 acres, residential, and commercial land sales were not included.

Land Price Average Hits New High: SW Wisconsin Land Market Update

I have been tracking land sale prices in southwestern Wisconsin for nearly five years; and in that time the average price per acre failed to rise above $3,900…until now. The second quarter of this year saw an area average of $3,947 per acre.

While rising prices are noteworthy, we shouldn’t overlook the fact that 3,162 acres changed hands during the second quarter. The last time that much land sold in the region during a quarter was two years ago. Also, the number of transactions (37) is up 23% over first quarter of this year and up 54% over the same time period a year ago. While it’s too soon to call this a boom market, the numbers seem to indicate the current tight market is heading in that direction.

2nd Quarter 2015 Land Prices Graph

Iowa and Lafayette Counties are leading the price gain due to their second quarter sales consisting of a high percentage of tillable land. Average sale prices in Grant, Sauk, Richland, and Vernon Counties have been holding steady for the past 12 months. Crawford County continues to struggle to make any price gains; but the number of acres sold there rose dramatically during the second quarter of this year.

Average Price-per-acre by County

Avg $/acre 2014 2014 2015 2015
3rd Quarter 4th Quarter 1st Quarter 2nd Quarter
Grant $3,232 $3,041 $3,228 $3,387
Iowa $2,895 $3,592 $4,778 $5,649
Lafayette $2,915 $5,820 $4,726 $6,364
Sauk $3,805 $3,190 $3,589 $4,098
Richland $2,374 $2,558 $2,591 $2,415
Crawford $2,927 $2,842 $2,684 $2,592
Vernon $2,746 $3,154 $2,914 $3,127


If you would like a more detailed market report (free), visit www.WisconsinLandValues.com for instructions on how to order.

Buyers and sellers need to be aware that average sale prices are only a general guideline. An on-site property evaluation by an experienced land agent is needed to give you an accurate picture of what a property is worth in the current market. To learn more about the rural land market in Southwest Wisconsin, begin your search here: www.Southwest-Wisconsin-Real-Estate.com

*SW Wisconsin includes Grant County, Lafayette County, Iowa County, Sauk County, Richland County, Crawford County, & Vernon County. All data was taken from the SCWMLS & WiREx. Because this article was intended to review the rural land market, properties smaller than 20 acres, residential, and commercial land sales were not included. Acreage breakdown may vary due to land remnants and other factors.

SW Wisconsin Land Sales Update: Prices Hold Steady in 4th Quarter

By Jay Frazier
Throughout the first three quarters of 2013 the average land sale price in SW Wisconsin made steadfast gains increasing 27.8% from January through September. Now that the 4th quarter has ended we can say that the land market finished the year on a much higher note than it began.

2012-2013 Land Price Comparison

In the 4th quarter of 2013 we saw the average price-per-acre slip about 2% from 3rd quarter ending up at $3,225. The slight dip in price could be due to less farmland being sold which usually has been bringing a higher price-per-acre than other types of land. Farmland comprised about 24% of the total acreage sold in the 4th quarter compared to the norm of 30-35%. This change in buyer activity may be influenced by lack of farmland availability, interest rates, or the lower commodity prices in the second half of 2013.

I think it is noteworthy that the number of transactions completed in the 4th quarter increased 46% over 3rd quarter and total acres sold increased 33% all while prices held mostly steady. This hike in buyer activity without losing the price gains made in the first three quarters suggests the southwest Wisconsin rural land market is pretty healthy going forward into 2014.

SW Wisconsin Rural Land Sales 3rd & 4th Quarters 2013

Grant Iowa Lafayette Sauk
3rd Qtr 4th Qtr 3rd Qtr 4th Qtr 3rd Qtr 4th Qtr 3rd Qtr 4th Qtr
# of sales* 6 6 4 5 2 0 5 8
# acres 513 426 291 388 215 0 274 540
woods 201 171 186 312 75 0 212 303
tillable 279 222 95 45 85 0 61 206
pasture 33 30 8 30 55 0 0 20
wetland 0 0 0 1 0 0 0 9
avg $/acre $3,769 $4,313 $2,970 $3,441 $4,708 $4,708 $3,845 $2,773
Vernon Crawford Richland TOTAL
3rd Qtr 4th Qtr 3rd Qtr 4th Qtr 3rd Qtr 4th Qtr 3rd Qtr 4th Qtr
# of sales* 1 3 3 8 7 11 28 41
# acres 21 108 263 489 481 785 2058 2736
woods 21 95 182 379 376 661 1253 1921
tillable 0 8 33 75 73 114 626 670
pasture 0 4 43 32 26 10 165 126
wetland 0 0 5 2 0 0 5 12
avg $/acre $2,380 $2,304 $2,826 $2,731 $2,564 $2,303 $3,295 $3,225


Buyers and sellers need to be aware that average sale prices are only a general guideline. An on-site property evaluation by an experienced land agent is needed to give you an accurate picture of what a property is worth in the current market. To learn more about the current land market in Southwest Wisconsin, begin your search here: Southwest-Wisconsin-Real-Estate.com

*SW Wisconsin includes Grant County, Lafayette County, Iowa County, Sauk County, Richland County, Crawford County, & Vernon County. All data was taken from the SCWMLS & WiREx. Because this article was intended to review the rural land market, properties smaller than 20 acres, residential, and commercial land sales were not included. Acreage breakdown may vary due to land remnants and other factors.

SW Wisconsin Land Sales Update: Prices Continue To Climb

By Jay Frazier

The rural land market in SW Wisconsin made another moderate price gain during the third quarter increasing $202/acre over 2nd quarter to average $3,295 per acre. The average price-per-acre for the entire region increased 6.5% over 2nd quarter to make for an overall increase of 27.8% since December. If prices continue this trend through the 4th quarter, the land market could attain pre-bust prices by the end of the year.

SW Wisconsin Land Sales Price Trends 3rd Quarter 2013

There continues to be lower inventory than we’ve been accustomed to across most of the region especially in Lafayette County. Because of the law of supply and demand, this generally helps to drive prices upward. High commodity prices have been another factor driving farmland prices to all-time highs. It will be interesting to see how the recent drop in corn prices affects this portion of the market in the 4th quarter and beyond.

SW Wisconsin Rural Land Sales 2nd & 3rd Quarters 2013

Grant Iowa Lafayette Sauk
2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr
# of sales* 10 6 5 4 0 2 11 5
# acres 1297 513 347 291 0 215 745 274
woods 844 201 119 186 0 75 337 212
tillable 327 279 197 95 0 85 335 61
pasture 117 33 26 8 0 55 62 0
wetland 0 0 2 0 0 0 8 0
avg $/acre $2,967 $3,769 $3,270 $2,970 $4,630 $4,708 $3,494 $3,845
Vernon Crawford Richland TOTAL
2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr
# of sales* 3 1 3 3 7 7 39 28
# acres 142 21 425.7 263 816 481 3772.7 2058
woods 115 21 288.9 182 514 376 2217.9 1253
tillable 5 0 136.8 33 219 73 1219.8 626
pasture 22 0 0 43 58 26 285 165
wetland 0 0 0 5 0 0 10 5
avg $/acre $2,381 $2,380 $2,316 $2,826 $2,591 $2,564 $3,093 $3,295

 
Buyers and sellers need to be aware that average sale prices are only a general guideline. An on-site property evaluation by an experienced land agent is needed to give you an accurate picture of what a property is worth in the current market. To learn more about the current land market in Southwest Wisconsin, begin your search here: Southwest-Wisconsin-Real-Estate.com

*SW Wisconsin includes Grant County, Lafayette County, Iowa County, Sauk County, Richland County, Crawford County, & Vernon County. All data was taken from the SCWMLS & WiREx. Because this article was intended to review the rural land market, properties smaller than 20 acres, residential, and commercial land sales were not included. Acreage breakdown may vary due to land remnants and other factors.

Enter your email address to follow this blog and receive notifications of new posts by email.

SW Wisconsin Land Sales Update: Prices Increase Again

By Jay Frazier

Six of the seven SW Wisconsin counties saw an average price increase from 1st quarter to 2nd quarter this year putting the land market recovery on fairly firm ground. The average price-per-acre for the entire region is up 20% from December when we saw the market bottom out.

 

Land Price Trends 2nd Quarter 2013 CHART

 

Land market indicators predict that prices will continue their moderate climb this year. The number of transactions however has been on the decline. First quarter transactions were down 50% over the same quarter in 2012 and it’s the same story for 2nd quarter when transactions were down 49% for the region. The excess inventory of 2012 is gone and now lower inventory is helping to drive the improved market upward.

 

Southwest Wisconsin 1st & 2nd Quarter 2013

Grant Iowa Lafayette Sauk
1st qtr 2nd qtr 1st qtr 2nd qtr 1st qtr 2nd qtr 1st qtr 2nd qtr
# of sales* 2 10 4 5 5 0 3 11
# acres 179 1297 147 347 244 0 107 745
woods 99 844 102 119 46 0 101 337
tillable 74 327 24 197 150 0 6 335
pasture 0 117 2 26 50 0 0 62
wetland 0 0 19 2 0 0 0 8
avg $/acre $2,622 $2,967 $3,174 $3,270 $4,630 $4,630 $2,132 $3,494
Vernon Crawford Richland TOTAL
1st qtr 2nd qtr 1st qtr 2nd qtr 1st qtr 2nd qtr 1st qtr 2nd qtr
# of sales* 1 3 5 3 5 7 25 39
# acres 100 142 336 425.7 408 816 1521 3772.7
woods 75 115 231 288.9 302 514 956 2217.9
tillable 25 5 96 136.8 86 219 461 1219.8
pasture 0 22 20 0 20 58 92 285
wetland 0 0 0 0 0 0 19 10
avg $/acre $2,231 $2,381 $2,579 $2,316 $2,537 $2,591 $2,844 $3,093

 

Buyers and sellers need to be aware that average sale prices are only a general guideline. An on-site property evaluation by an experienced land agent is needed to give you an accurate picture of what a property is worth in the current market. To learn more about the current land market in Southwest Wisconsin, begin your search here: www.RuralPropertyPro.com

*SW Wisconsin includes Grant County, Lafayette County, Iowa County, Sauk County, Richland County, Crawford County, & Vernon County. All data was taken from the SCWMLS & WiREx. Because this article was intended to review the rural land market, properties smaller than 20 acres, residential, and commercial land sales were not included. Acreage breakdown may vary due to land remnants and other factors.
%d bloggers like this: