Posts from March 2017
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29
Iowa Cropland Values Up in Last Six Months
The Land Trends and Value Survey, presented by the Iowa Farm and Land Chapter #2 REALTORS Land Institute, reported a statewide average increase of 0.9% for tillable cropland values from September 2016 to March 2017 period. Combining this increase with the 3.7% decrease reported in September 2016 indicates a statewide average decrease of 2.8% for the year from March 1, 2016 to March 1, 2017.
In our east central district, high quality cropland is selling at $9,568 per acre. Timber is selling at $2,137 per acre. This district had a 1.1% increase and was one of seven districts that showed an increase in values from September 2016 to March 2017.
Three districts had decreases, including north central at -0.5%, southwest at -3.0% and west central at -2.0%. The highest increase was northwest district at 3.2%.
"It is positive to see land prices stabilizing," said Eric Schlutz, ALC, Realtor and manager of the Ruhl&Ruhl Realtors Muscatine Office. "We look forward to seeing additional growth in the coming months."
"I am not surprised by the increase. Land is currently tightly held as reflected by the small number of listings at this time," said Ken Paper, ALC. "There is still a lot of interest in land investment by investors and farmers, because land is a secure place for money."
For the survey, participants are asked to estimate the average value of farmland as of March 1, 2017. These estimates are for bare, unimproved land with a sale price on a cash basis.
Ruhl Farm&Land, a division of Ruhl&Ruhl Realtors, is focused on the sale, purchase and marketing of land, farms and acreages. For more information, and the price per acre of cropland in all nine Iowa districts, visit http://www.ruhlland.com/en/WebLand_LandValueSurveys.aspx
| Part of Iowa | High-Quality Crop Land |
Medium-Quality Crop Land |
Low-Quality Crop Land |
Timber Per Acre |
| East Central | 9,568 | 7,026 | 4,285 | 2,137 |
| Northeast | 8,997 | 6,834 | 4,278 | 2,498 |
| Southeast | 9,305 | 6,058 | 3,675 | 2,253 |
27
The Quad Cities Experiences the Largest One-Year Gain in Region
Five-year home appreciation in our region was between 6.96% and 15.32% with all of our local Metropolitan Statistical Areas experiencing a positive gain.
"Although interest rates rose sharply during the fourth quarter, our data show no signs of a home price slowdown," said Federal Housing Finance Agency (FHFA) Deputy Chief Economist Andrew Leventis. "Although it will certainly take more time for the full effects of the elevated interest rates to be felt, there is no evidence of a normalization in the unusually low inventories of homes available for sale, which has been the primary force behind the extraordinary price gains."
In the past year, home prices are up: 4.33% in Dubuque; 2.02% in Iowa City; 5.50% in the Quad Cities and 2.44% in Cedar Rapids. This compares to other cities: Des Moines up 3.99% and Chicago, IL up 3.89%. This data is provided by the FHFA for the fourth quarter of 2016 (see chart and website below). Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | |
| 1 Year | 5 Year | |
| Cedar Rapids, IA | + 2.44% | + 6.96% |
| Davenport-Moline-Rock Island, IA-IL | + 5.50% | + 11.39% |
| Des Moines-West Des Moines, IA | + 3.99% | + 15.32% |
| Dubuque, IA | + 4.33% | + 11.67% |
| Iowa City, IA | + 2.02% | + 12.49% |
| USA | + 6.15% | + 33.05% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the fourth quarter of 2016. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
"With such a low inventory of houses for sale," said Caroline Ruhl, president of Ruhl&Ruhl Realtors, "This could be an ideal time for you to sell your home and move up to your dream house. We recommend that you consult with your real estate professional to learn more about the real estate activity in your local neighborhood. The public can also request a Neighborhood Report from any Ruhl&Ruhl Realtor or go to ruhlhomes.com and click on 'Get Neighborhood Market Activity' underneath the photo on the homepage."
