ISU Completes Land Value Survey
DES MOINES, Iowa (AP) - The 2013 Iowa Land Value Survey says farmland values rose 5.1 percent from last year, setting another record.
The new survey shows farmland values rose to more than $8,700 an acre. It was the fourth year in a row that farmland values rose in the Iowa State University survey of nearly 500 real estate experts. Mike Duffy, an ag economist with Iowa State University and author of the research study comments on the latest survey.
Last year's figure was nearly $8,300 an acre. However, Duffy, says northwest Iowa actually saw a decrease in land values.
Duffy says there is still demand for good quality land.
The ISU Ag Economist says it is primarily farmers that are purchasing land.
Although northwest Iowa, as a region showed some decline in land values, Duffy says Plymouth County had an average land value of $11,366 which was slightly higher than last year.
Land demand could slow because Iowa farmers are concerned about lower commodity prices and a proposed rollback in the mandate for corn-based ethanol. There's also uncertainty over interest rates and over the prospects for a new farm bill. Scott County located in east central Iowa had the highest value of land at $12,413 and Decatur County, located in southern Iowa had the lowest land value at $3,628.
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