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Longer Times on the Market and higher Land Values rural

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Just completed an appraisal out in the middle of nowhere as to speak.

Notice that sales for similar property are now on the market 200, 300 and 604 days. Use to be common for a few to be 200 or so days, but getting up and over the 600 day mark is unusual.

At the same time I am noticing a trend this fall that ag land 40 acres and up is increasing in value. Average ag land has been holding around $3500 to $4000, average woodland and row crop mix. Now I think I am seeing ag land runing between $5000 and $9,000 an acre on larger productive acres. Not uncommon to see small raw land acreages for recreational use $10,000 and over.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
This has been going on for about 5-6 years in my market. Vales stayed stable for a long time but only because the site values were increasing. Interesting phenomenon. Vacant land values go up. Improved housing values stay nearly level. Conclusion has been that the major contributing factor to the stable values was the increasing values of the sites.
 
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