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Fall Annual MeetingREALTORS® Land Institute – Iowa Chapter
Land Trends & Values Press Release
Matt Vegter
Elliott Siefert
Hertz Real Estate Services, Nevada, IA
Land Trends and Values Committee Co-Chairs
September 23, 2020
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REALTORS® Land Institute –
Iowa Chapter
September 2020 Land Value Survey
Press Release
REALTORS® Land Institute is an affiliate of the National Association
of REALTORS®
Organized for REALTORS® who specialize in farm and land sales,
management, development and appraisal
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REALTORS® Land Institute –
Iowa Chapter
September 2020 Land Value Survey
Press Release
Participants in the Survey
Asked for their opinions about the current status of Iowa’s farmland market.
Asked to estimate the average value of farmland as of September 1, 2020.
Estimates are for bare, unimproved land with a sale price on a cash basis.
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REALTORS® Land Institute- Iowa Chapter
September 1, 2020
0.0%
March 2020 – September 2020
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Nine Crop Reporting Districts
REALTORS® Land Institute- Iowa Chapter
September 1, 2020
0.2%
1.2%
-1.7%
-0.6%
-1.1%
1.0%
0.9% 1.3% -0.6%
March 2020 – September 2020
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Nine Crop Reporting Districts
REALTORS® Land Institute- Iowa Chapter
September 1, 2020
September 2019– September 2020
-0.6%
0.2%
-0.4%
1.0%
1.2%
2.2%
-0.3%
0.9%
0.6%
-0.1%
-1.7%
-1.8%
-0.3%
-0.6%
-0.9%
-1.3%
1.3%
0.0%
0.3%
-1.1%
-0.8%
-0.2%
1.0%
0.8%
1.8%
-0.6%
1.2%
Top – March 2020
Bottom – September 2020
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REALTORS® Land Institute- Iowa Chapter
September 1, 2020
September 2019 – March 2020 0.1%
March 2020 – September 2020 0.0%
0.1%
September 2019– September 2020
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Nine Crop Reporting Districts
REALTORS® Land Institute- Iowa Chapter
Pasture Acres
September 1, 2020
2.6%
$2,933
2.6%
$3,010
-2.8%
$2,677
-1.3%
$2,921
-0.6%
$2,928
1.3%
$2,934
0.2%
$3,200
0.2%
$2,756
2.3%
$3,031
March 2020– September 2020
Top – Percent change
Bottom – Price per Ac
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Nine Crop Reporting Districts
REALTORS® Land Institute- Iowa Chapter
Non-Tillable / Timber Acres
September 1, 2020
1.5%
$2,600
2.0%
$2,575
-0.5%
$2,015
-0.4%
$2,503
3.3%
$2,978
3.3%
$2,627
0.5%
$2,456
-1.0%
$2,850
3.4%
$2,488
March 2020 – September 2020
Top – Percent change
Bottom – Price per Ac
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REALTORS® Land Institute – Iowa Chapter
Land Value SurveySeptember 1, 2020
Federal Reserve
April 1, 2020 – July 1, 2020 -1.0%
Federal Reserve
July 1, 2019 – July 1, 2020 0.0%
USDA - Cropland - August 1, 2019 – July 31, 2020
US 0.0%
Iowa -1.2%
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COVID-19 Impact?
60-day “pause”
Uncertainty amongst sellers
Lower volume of farms for sale
“Surprisingly” little to no impact on values
More “online” Public Auctions vs In-Person
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Conclusion Land Values are Steady
Quality is “King”
Localized Volatility
Positives for Land Market Still Limited Amount of Land for Sale
1031 Exchanges
Extremely Favorable Interest Rates
Negatives for Land Market Volatile Commodity Prices
Trade Uncertainty
Derecho
Drought
Continued Increase in Investor Buyers
Stability Ahead… or More Uncertainty? Presidential Election, Trade Tariffs, Lower Carry Out
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Questions?