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Oklahoma Agricultural Land Value Update

Oklahoma Agricultural Land Value Update. Roger Sahs, Extension Specialist OSU Department of Agricultural Economics. OK Land Values by Region, 2013*. Panhandle Tracts 23 Size 763 $/Acre $790 % Chg -2.3. West-Northwest Tracts 140 Size 180

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Oklahoma Agricultural Land Value Update

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  1. Oklahoma Agricultural Land Value Update Roger Sahs, Extension Specialist OSU Department of Agricultural Economics

  2. OK Land Values by Region, 2013* Panhandle Tracts 23 Size 763 $/Acre $790 % Chg -2.3 West-Northwest Tracts 140 Size 180 $/Acre $1,529 • % Chg +16.7 North Central Tracts 177 Size 133 $/Acre $1,952 • % Chg +21.4 Northeast Tracts 328 Size 156 $/Acre $1,823 • % Chg +11.6 East-Northeast Tracts 43 Size 183 $/Acre $1,925 • % Chg +5.3 State Averages Tracts 1,202 Size 205 $/Acre $1,705 % Chg +16.2 Southeast Tracts 252 Size 294 $/Acre $1,696 • % Chg +9.7 Southwest Tracts 137 Size 188 $/Acre $1,354 • % Chg +15.5 South Central Tracts 102 Size 209 $/Acre $1,750 • % Chg+11.2 *Tracts >= 40 Acres and <= $6000/Acre

  3. Recent Trends in Oklahoma Land Values Source: www.agecon.okstate.edu/oklandvalues

  4. Oklahoma Cropland vs Pastureland Prices* Upward but not steady climb in values. “Boom to Bust” was only 30 years ago. Major increase in values in recent years especially cropland. *Cropland and pasture tracts defined as having 85%+ cropland and pasture utilization, respectively. Source: www.agecon.okstate.edu/oklandvalues

  5. Oklahoma Cropland and Pastureland Prices Nominal vs Inflation Adjusted (base year 2013) Pasture Cropland Source: www.agecon.okstate.edu/oklandvalues

  6. 1973-1975 Average Value Tracts >= 40 Acres and <= $3000/Acre Source: www.agecon.okstate.edu/oklandvalues

  7. 2011-2013 Average Value Tracts >= 40 Acres and <= $6000/Acre Source: www.agecon.okstate.edu/oklandvalues

  8. County, Regional, and Oklahoma Comparisons Source: www.agecon.okstate.edu/oklandvalues

  9. Key Land drivers looking ahead… • Recent commodity prices and farm incomes • Interest rate levels • Financial health of current buyers

  10. Non-irrigated Cropland Value and Wheat Revenue in Oklahoma Correlation = .77 USDA/NASS data

  11. Source: KC Federal Reserve Bank,August 2014

  12. Debt levels are still low….

  13. Source: Daily Oklahoman (Newsok.com), June 2014

  14. www.agecon.okstate.edu/oklandvalues

  15. Other Resources • Kansas City Federal Reserve Bank • http://www.kc.frb.org/ • Choose Ag in Economy section, then Current Survey • USDA Ag Land Value Data and Reports • http://www.nass.usda.gov/ • Choose Economics and Prices Link, then Agricultural Land Values in Reports section

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