Recent Sale Supports that Illinois Farmland Market Remains Strong
CHAMPAIGN, Ill., April 17, 2020 /PRNewswire/ -- The farm real estate market in Champaign County remains promising. Most recently Murray Wise Associates was responsible for the sale of approximately 208 acres in western Champaign County just northwest of Mahomet. The property brought a total price of $2,001,100 or $9,621 per acre. The farm, offered for sale as a sealed bid auction, was split into three tracts; tract one was approximately 68 acres, tract two was approximately 82 acres and tract three was approximately 58 acres.
The sealed bid method of sale – a discreet auction style -- was implemented and required interested parties to submit only one bid, so bidders needed to be aggressive with their offers. Ultimately the farmland sold to two different buyers, both local farmers. Tracts 1 and 2, together about 150 acres sold for $1,450,000 or $9,667 per acre. The third tract of land of approximately 58 acres sold for $551,100 or $9,502 per acre. The farm's soil had a crop productivity index of 129 and the predominant soil types were Elliott silty clay loam, Drummer silty clay loam, Raub silt loam, and Wyanet silt loam soils.
The strong prices garnered for the farm illustrate the resilience of the middle of the farmland market and that high per-acre prices are not limited to the top-tier farmland. Sales manager Eric Sarff remarked, "We had strong interest from many buyer groups, from local farmers and investors to national farmland funds. The availability of quality farms remains low, and demand continues to persist, which is helping keep the market stable."
Murray Wise Associates, headquartered in Champaign, Ill., is a leading national agricultural real estate marketing and auction company with additional offices in Florida and Iowa. The company also provides management services for farmland assets. Individuals seeking additional information may visit www.mwallc.com or call 217-398-6400.
SOURCE Murray Wise Associates LLC
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