After seeing farm land values in Iowa and the rest of the country hit record high prices, lower commodity prices and high input costs are starting to put downward pressure on the price per acre of farm land.
Here is a graph of all the sales in Kossuth County through the end of 2013 that were above $6,000 per acre and the trend is clearly dropping. Demand is still strong for available land but prices are trending lower.
If you need your farm land appraised give us a call 515.341.3347 Tom.
The 1st Quarter of the year in Algona showed a good comeback in residential sales compared to the previous two years. The $8,000 tax credit from the government stimulus program appears to have had an affect on the second quarter sales. Q3 is looking more normal in volume and p/sf and Q4 is a little off from years past in volume but p/sf is back to normal averages.
These sales are only arms length transactions, not foreclosure or family sales. Activity wise Q1 was slightly below normal, Q2 was above normal and the third and fourth quarters were closer to normal numbers. Average price per sq. ft. dipped in late 08 and early 09 and appears to be more normalized in 2010.