Land Prices for the month of October 2021 trended stable to higher overall this month. We had many sales sold at live public auction, private sealed bid, traditional listing, and negotiated privately in Iowa, Minnesota and Wisconsin. The land market has had substantial interest from buyers and sellers alike and currently property is being absorbed very quickly in the market with cash purchases or approved loans. We are seeing more land hit the market as we move through the start of 4th quarter; however with low interest rates, high commodities prices, tax laws remaining favorable and inflation concerns looming, land real estate is being snatched up when it becomes available at high prices.
Auctions continue to set the bar and move it higher compared to other sales methods. We recently had an auction in Allamakee County, IA continue for 9 rounds and over two hours of active bidding with over 125 people in attendance and aggressive active bidders on every tract. We also had auctions in Wisconsin and Minnesota have similar results consistently putting timber at $5,000-$7500+ per acre, tillable land over 130/CSR2 or 115/CPI point as high as 248/CSR2 and a new record for a 10 acre building site breaking $34,000 per acre for the tract in Goodhue County, MN individually on Oct 27th. Marketing in this market is where our agents are really shining, exposing property to the right buyers local and nationally and having them compete to purchase high quality properties that have been held by many sellers over 100 years. There is a lot of noise in this market and not getting lost in the shuffle has really proven effective for sellers coming to High Point. Another place clients are seeing great value in is our land appraisal department that tracks every sale to use as comparables for appraisals for banks, estates, land owners, trusts, and many other purposes. If you are wondering what a property is worth in today’s market, making a purchase, or settling an estate and are in need of a land appraisal in Minnesota or farm land appraisal in Iowa; our team appraisers are very quick and cost effective. If you are interested in having a land appraisal completed, selling a farm or land at auction, sealed bid auction or traditional listing; contact one of our great team members today. They have consistently been adding substantial value to clients above the remainder of the market and are happy to talk land with you if you have any questions. Have a safe finish of harvest, great start to the whitetail rut, and enjoy this beautiful fall we have been blessed with.
