The auction of 5,105 acres of Nebraska and Kansas farmland drew a crowd of more than 250, including 97 registered bidders, resulting in sale of the land for a total of $17,155,000. Schrader Real Estate and Auction Company conducted the event.
“The tracts with the best irrigated land went for more than $6,000 an acre, and we had another 640 acres topping $5,700 an acre, so it’s clear that demand for land continues to be solid, especially among farmers who see an opportunity to acquire additional land for their operations,” said R.D. Schrader, president of the auction company.
“We offered the land in 23 tracts, and operators pretty much took the lead throughout the auction, making numerous offers on individual tracts and combinations best suiting their needs. As a result, we had 13 different buyers,” said Schrader.
The land, which also included dryland, pasture and recreational land, was located in Webster and Franklin counties in Nebraska, and in Jewell County, Kansas. The counties are on the border of the two states halfway across each state.
“We’re seeing prices that are a little lower than a year ago but still high by historic standards. This is healthy for the long run, because an orderly correction can keep prices in line with current markets and future prospects, while continuing to show remarkable resilience and underlying fundamental strength,” said Schrader, who spoke on farmland values and rent trends earlier in the week at the Top Producer Seminar in Chicago.