Prices of ag land are seeing a bust

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Jesse Lamunyon, sales associate and auctioneer with RE/MAX Premier Realtors, said a decrease in value of agricultural land is related directly to lower oil prices. (Staff Photo by SHAWN YORKS)

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March 20, 2010

By Kasey Fowler, Staff Writer Enid News and Eagle The Enid News and Eagle Sat Mar 20, 2010, 10:45 PM CDT

ENID — Agriculture real estate prices have taken a hit in the last year, reducing sale prices hundreds per acre.

Jesse Lamunyon, sales associate and auctioneer with RE/MAX Premier Realtors, said the decrease is related directly to lower oil prices.

“Oilies don’t have the money they had. Oil was driving farm sales,” said Lamunyon. “The (recreational) value for hunting and fishing is down, too. Unless they are doctors or lawyers with lots of money, they aren’t buying land for the rec. value.”

According to Lamunyon, about a year ago farm land was selling for between $1,000 to $1,250 per acre. Similar land now sells at $750 to $850 per acre.

“What I am seeing now is for the best wheat ground, if you can get $1,000 per acre you better take it and run. The market is just not what it was,” Lamunyon said.

Low prices for land are a negative for anyone trying to sell but positive for those looking to buy.

“A lot of farmers can get back in and buy because the oilies aren’t running them up. A year or two years ago, you couldn’t touch anything for less than $1,000 per acre. Some land is selling for almost half of what it was a year or two ago,” said Lamunyon. “The prices that are holding is usually someone right by it really wants it.”

According to Lamunyon, until oil prices come up, the recreational value on properties will remain low, and until the wheat and cattle prices are back up, farm land also likely will stay low.

“I’d love to paint a pretty picture but it isn’t right now,” said Lamunyon.

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Prices of ag land are seeing a bust

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