Wednesday, April 29, 2009

Land auctions provide bellwether

Some upcoming farm auctions in the area – which include more than 1,000 acres in total – will be a good barometer of where local land prices are in the current economy.

About a year ago, farm prices had peaked largely due to recreational value. Hunters were the main reason land prices had reached about $2,000 an acre.

Now, however, local real estate agents say the market is much softer. Few farms have sold this year and those that have went for much less than similar places sold for a few months ago.

See this week's Crittenden Press printed edition for more on these upcoming land auctions and what they might tell speculators and landowners. Today's edition will be on newsstands after 3 p.m.