Current Market Characteristics
- Buyers are patient
Buyers are not quite as excited about purchasing land compared to the first half of the year. They are still looking for a fair price which no doubt factored into the lack of price increases during 3rd quarter.
- Low Inventory Continues
Low inventory persists and we continue to see fewer than usual new properties coming on the market. Nice properties under 100 acres are selling quickly. The average parcel size that sold during 3rd quarter was 68 acres. Even larger parcels that are priced correctly get a lot of attention and spend much less time on the market than a year ago. This is a great time for landowners to put properties on the market.
- Prices level
The number of sales dropped compared to 2nd quarter 2016 from 42 to 26 transactions. The average price per acre also declined from $3,484 to $3,181. However, it needs to be remembered that 3 of the 7 counties in the region didn’t have enough sales to establish a firm average. Richland County appears to be the best example of what the overall market is doing with level prices and a near even number of transactions.
If you would like a more detailed land market report for your area*, visitwww.WisconsinLandValues.com for instructions on how to order.
READ MORE from Jay Frazier, Rural Property Pro. Image credit Jay Frazier
First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Southwest Wisconsin, Western Wisconsin, Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com