Posts Tagged ‘market report’

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

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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 Hits Pause: SW Wisconsin Land Market Update

After a record-breaking price gain during second quarter this year, the land market has paused to take a breath. The average price-per-acre for rural land in southwestern Wisconsin during the third quarter this year dropped 16% compared to second quarter ending up at $3,308/acre. In studying the details I find that this lower average price is (in most cases) a reflection of the type of properties that were sold during third quarter rather than a drop in value. The average parcel size was larger and the percentage of tillable land was significantly lower which affects the final $/acre in a transaction.

This plateau in the market follows the 2014 trend of higher prices during the first half of the year followed by a third quarter drop. If the market continues to follow last year’s trend we will see a nice price recovery in the fourth quarter. Current market activity indicates this is quite possible. The number of transactions during the third quarter remains fairly high at 36 as well as the number of acres sold at 3,670 (second quarter saw 37 transactions in which 3,162 acres sold).

3rd Quarter 2015 Land Price Trends chart

Iowa County and Grant County felt the strongest price correction which is likely due to larger parcel sizes and mostly recreational land being sold (and very little agricultural land.) Vernon County also felt the pinch with a 25% drop in the average price. One possible factor there could be the sale of several tracts of land with conservation easements which tend to hamper the value somewhat. The remaining four counties held the line on price in which any price changes can be attributed to the type of properties sold.

Average Price-per-acre by County

Avg $/acre 2014 2015 2015 2015
4th Quarter 1st Quarter 2nd Quarter 3rd Quarter
Grant $3,041 $3,228 $3,387 $2,339
Iowa $3,592 $4,778 $5,649 $3,451
Lafayette $5,820 $4,726 $6,364 $6,364
Sauk $3,190 $3,589 $4,098 $3,737
Richland $2,558 $2,591 $2,415 $2,382
Crawford $2,842 $2,684 $2,592 $2,549
Vernon $3,154 $2,914 $3,127 $2,337


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: 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.

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.
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