(By Staff Reports/Chewelah Independent)
With a limited supply of agricultural property listed, land values have mostly been increasing in the Northwest, the Agri-Times Northwest is reporting.
Despite fewer sales in 2013 and 2015, it’s not an indication of weak demand but rather supply constraints as many transactions are happening between landlords and tenants, the newspaper reported.
The sales activity for 2016 is expected to match the 2013-15 trend as the database of information is still being collected by the Northwest FCS’ Apprasial Services. Preliminary sales data from 2017, the Agri-Times is reporting, has shown an increase in land value for the first quarter.
In Oregon, the average agricultural land has seen strong values since 2012, the newspaper said, with the demand being for good-quality irrigated and dry crop lands. Land values are stable and increasing throughout the state.
Washington has seen dollar-per-land values increase since 2011 since there is a limited supply of high quality agriculture land and a strong demand for cropland with permanent plantings.
In Central Washington, vertically integrated fruit warehouses have been big sellers since they carry large commercial interests and continuing investments, the Agri-Times said.
While cattle prices have been low, the paper said, the demand for ranches and quality agricultural properties have remained strong due to the limited inventory.