Posts Tagged ‘Southwest Wisconsin’

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.

Slow But Steady Rural Land Market

SW Wisconsin Land Market Update

Similar to a year ago, there was a lull in rural land market activity during the 3rd quarter in southwestern Wisconsin. At first glance, the sold prices for 3rd quarter make the land market look like it is in the doldrums (compared to the 1st and 2nd quarters of 2016). This is mostly due to the fact that about half of the region didn’t have enough sales to establish any kind of a trend. This pattern of a strong first half of the year, followed by a slower third quarter has held true for three years in a row.

3rd qtr land market update image

Current Market Characteristics

  • Buyers are patient

Buyers are not quite as excited about purchasing land compared to the first half of the year. They are still looking for a fair price which no doubt factored into the lack of price increases during 3rd quarter.

  • Low Inventory Continues

Low inventory persists and we continue to see fewer than usual new properties coming on the market. Nice properties under 100 acres are selling quickly. The average parcel size that sold during 3rd quarter was 68 acres. Even larger parcels that are priced correctly get a lot of attention and spend much less time on the market than a year ago. This is a great time for landowners to put properties on the market.

  • Prices level

The number of sales dropped compared to 2nd quarter 2016 from 42 to 26 transactions. The average price per acre also declined from $3,484 to $3,181. However, it needs to be remembered that 3 of the 7 counties in the region didn’t have enough sales to establish a firm average. Richland County appears to be the best example of what the overall market is doing with level prices and a near even number of transactions.

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

SW Wisconsin Rural Land Sales*

Southwest Wisconsin 2nd & 3rd Qtr 2016
Grant Iowa Lafayette Sauk
2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr
# of sales 4 1 6 7 4 1 14 6
# acres 404 102 403 583 181 80 795 288
woods 197 63 232 212 104 3 393 185
tillable 113 39 142 307 11 77 341 37
pasture 90 0 25 53 59 0 53 66
wetland 0 0 3 0 7 0 0 0
avg $/acre $4,352 $2,173 $4,131 $3,936 $3,605 $4,688 $3,729 $3,253
Vernon Crawford Richland TOTAL
2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr 2nd Qtr 3rd Qtr
# of sales 6 5 3 2 5 4 42 26
# acres 337 205 153 276 208 229 2481 1763
woods 220 101 121 189 136 222 1403 975
tillable 96 67 19 64 60 1 782 592
pasture 21 37 12 16 10 1 270 173
wetland 0 0 0 5 0 0 10 5
avg $/acre $3,296 $2,502 $2,185 $2,628 $3,088 $3,084 $3,484 $3,181


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 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 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 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 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.

Strong Land Demand at Current Prices: SW Wisconsin Land Market Update

Winter weather always affects land buyer activity in the Driftless Area of Wisconsin and less snow and milder temperatures definitely made it easier for buyers to tour parcels of interest during the first quarter of this year. In Southwest Wisconsin, buyers were quite active with 30 transactions completed involving 2,272 acres. The average price per acre increased 1.3% over 4th quarter but so did the number of tillable acres making the market appear flat at an average price per acre of $3,502.

SW WI Land Price Trends 1st qtr 2015 graph

When these numbers are added to the activity I see in my own business (such as a good number of buyer inquiries, offers written, etc.), this market could be described as a tight market. The spread between sale price and list price has narrowed considerably, but buyers are generally not stepping up to bid on overpriced properties. When this happens in conjunction with low inventory (which we also have right now), the market is poised for rising prices going forward. Yet, this tight market could hold for a while as I sense cautiousness among buyers. The recession is still fresh in everyone’s memory so it remains to be seen how soon prices will turn upward again.

Average Price-per-acre by County

Avg $/acre

2014
2nd Quarter

2014
3rd Quarter

2014
4th Quarter

2015
1st Quarter

Grant $4,334 $3,232 $3,041 $3,228
Iowa $3,669 $2,895 $3,592 $4,778
Lafayette $2,915 $2,915 $5,820 $4,726
Sauk $3,513 $3,805 $3,190 $3,589
Richland $2,032 $2,374 $2,558 $2,591
Crawford $2,721 $2,927 $2,842 $2,684
Vernon $4,636 $2,746 $3,154 $2,914


If you would like a more detailed free land market report, 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.

 

800’ Cave For Sale

In real estate you run into all kinds of surprises; some of them strange, some of them pleasant. My favorite kind of surprise is when something unique pops up. Like how many real estate agents can say they have a cave for sale?

This rural property encompasses almost 155 acres of which a gorgeous log home crowns the ridge top amidst beautiful long range views. That in itself makes it a desirable country estate; but just for fun the bonus of a pretty large cave comes with the package. Spelunking anyone?

The Mouth of the Cave

At the base of this rather ordinary oak tree lies the entrance. It’s not astounding by any means but large enough for people to enter. And raccoons. Or skunks. Or bears. Definitely bats! Caves tend to kick my imagination into overdrive.

According to Wisconsin Natural Resources Magazine there are 2 types of caves in Wisconsin; limestone and sandstone. I don’t know which type this cave is but others before me have explored and mapped it.

Limestone or Sandstone Cave

2 large bears were killed here shortly before it was first mapped in 1909. A later mapping showed it to be over 800 feet long with one room approximately 35 feet high. Recent DNR documentation shows 3 species of bats hibernate here.

Have I piqued your interest to start a few subterranean adventures?

For first time cavers, consider visiting these public caves in SW Wisconsin. Eagle Cave near Blue River is considered the state’s largest onyx cave. Near Wauzeka the Kickapoo Indian Caverns were once a Native American shelter and boast an underground river and onyx deposits (shown by appointment only). Perhaps the best known in our area is the Cave of the Mounds which is also a National Natural Landmark. Its stunning crystal formations are truly a natural treasure.

When you are ready to branch out from these guided tours; keep in mind the cardinal rule of wild caving: never explore a cave alone. The minimum size of a caving group as recommended by the Wisconsin Speleological Society is four.

One final reminder: the cave featured in this article is entirely on private property. Please respect the owner’s property rights and don’t trespass to explore.

Land Price Growth Continues: SW Wisconsin Land Sales Update

By: Jay Frazier

Land buyers continued to be very active during the spring months with about the same number of transactions closed and approximately 54% more acres sold compared to the first quarter of this year. It is interesting to note that the additional acreage sold was mainly wooded land which traditionally has held a lower value than tillable land. This makes the average price per acre for second quarter a telling analysis of market growth possibilities. SW Wisconsin land prices continue to appreciate with an average increase of 6.5% over first quarter ending up at $3,403/acre.

2nd Quarter 2014 SW Wisconsin Land Price Graph

Here are a few specific highlights:

  • Sauk County showed the most sales with 6 completed transactions and an average $/acre increase of $494 over 1st quarter 2014. Approximately 29% of the acreage sold was tillable farmland.
  • Crawford County completed the same number of sales as the previous quarter but realized and average increase of $130/acre ending up at $2721/acre.
  • Grant County continues to consistently bring in the highest price per acre of all the SW Wisconsin counties. Even though the average price was lower for 2nd quarter it remains well above $4000/acre at $4,334.
  • Vernon and Richland Counties both struggled to provide enough action to determine where those specific markets stand right now.

SW Wisconsin Rural Land Sales 6 Month Report

January 1, 2014 through June 30, 2014

Grant Iowa Lafayette Sauk
1st Qtr 2nd Qtr 1st qtr 2nd Qtr 1st Qtr 2nd Qtr 1st Qtr 2nd Qtr
# of sales* 7 3 2 3 2 4 4 6
# acres 429 207 148 284 185 298 226 1155
woods 57 31 60 244 11 75 102 787
tillable 279 177 47 23 138 123 52 336
pasture 91 0 30 6 14 10 72 10
wetland 1 0 10 10 20 90 0 21
avg $/acre $4,916 $4,334 $3,012 $3,669 $3,020 $2,915 $3,019 $3,513
Vernon Crawford Richland TOTAL
1st Qtr 2nd Qtr 1st Qtr 2nd Qtr 1st Qtr 2nd Qtr 1st Qtr 2nd Qtr
# of sales* 1 2 4 4 3 2 23 24
# acres 23 42 309 269 217 112 1537 2367
woods 6 0 199 230 177 97 612 1464
tillable 15 42 104 22 40 15 675 738
pasture 0 0 3 14 0 0 210 40
wetland 0 0 2 0 0 0 33 121
avg $/acre $3,397 $4,636 $2,591 $2,721 $2,412 $2,032 $3,195 $3,403

 

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.
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