OXFORD, Ind., Aug. 7, 2013 /PRNewswire/ -- Demand for midwestern farmland continued to show signs of good health Tuesday when 345 acres of Indiana land sold for $3,612,840, with Schrader Real Estate and Auction Company managing the sale.
Thirty-four registered bidders gathered at the Benton Central High School Cafeteria for the auction offering of six tracts, which resulted in prices as high as $10,640 per acre on tillable land.
"If there's weakness in farmland prices, we certainly haven't seen any sign of it in Benton County, and in truth, we're continuing to see strong competition and prices," said R.D. Schrader, president of the auction company. "These prices were very good for the soil types, with most of the tillable land selling in two groups of tracts. Approximately 162 acres went for $10,640 per acre, and another 180 acres sold for $10,149 per acre," he said.
"We continue to be in a market where the supply of farmland is tight relative to the demand. That's due in part to the usual seasonal variation, with crops in the field, but the longer term reality is that owners of farmland still don't see a lot of alternative investments that offer the stability and long term returns farmland has provided. As long as that continues to be the case, we'll continue to see good prices for farmland," he said.
Most of the Benton County land was located near U.S. 52 with frontage on CR 500 E.
Schrader Real Estate and Auction Company, based in Columbia City, Ind., is a leading auctioneer of farmland throughout the United States. Individuals seeking additional information about the firm and its auctions may visit www.schraderauction.com or call 800-451-2709.
For more information:
Carl Carter, 205-823-3273
SOURCE Schrader Real Estate and Auction Company