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Oklahoma Land Value Update Roger Sahs, Extension Specialist, Ag Econ. www.agecon.okstate.edu/oklandvalues West-Northwest Tracts 121 Size 290 $/Acre $977 % Chg -2.5 North Central Tracts 198 Size 145 $/Acre $1240 % Chg -0.6 Northeast Tracts 280 Size 148 $/Acre $1535 % Chg +1.8 East-Northeast Tracts 48 Size 201 $/Acre $1743 % Chg -1.4 Panhandle Tracts 25 Size 449 $/Acre $572 % Chg +15.3 State Averages Tracts 1176 Size 190 $/Acre $1291 % Chg +2.9 Southwest Tracts 193 Size 202 $/Acre $990 % Chg +6.3 South Central Tracts 69 Size 238 $/Acre $1419 % Chg -3.3 OK Land Values by Region, 2010 Southeast Tracts 242 Size 174 $/Acre $1394 % Chg +3.2 Recent Trends in Oklahoma Land Values District 2010 All Land One Year Change $/ac 3 Year Change 5 Year Change Percent Change Panhandle 572 15.3 40.2 106.2 West-NW 977 -2.5 3.6 42.1 Southwest 990 6.3 17.7 52.6 North Central 1240 -0.6 10.0 19.4 South Central 1419 -3.3 0.2 10.1 Northeast 1535 1.8 4.3 31.9 East-NE 1743 -1.4 -4.9 24.3 Southeast 1394 3.2 -1.6 47.5 State 1291 2.9 5.2 33.5 Source: www.agecon.okstate.edu/oklandvalues Survey of Tenth District Ag Credit Conditions Source: KC Federal Reserve Bank, First Quarter, 2011 Oklahoma Cropland vs Pastureland Prices Source: www.agecon.okstate.edu/oklandvalues Cropland Values in nominal & real (2000) $ Pasture Values in nominal & real (2000) $ Source: www.agecon.okstate.edu/oklandvalues North-Central – Annual Average Source: www.agecon.okstate.edu/oklandvalues Payne County 3-Year Weighted Average, 2008-2010 Source: www.agecon.okstate.edu/oklandvalues 491 210 334 254 453 183 800 590 378 229 < 500 > 500 to 700 > 700 to 1100 > 1100 240 265 314 469 392 473 491 266 376 370 423 601 332 359 378 550 628 472 425 469 382 349 2202 646 372 813 371 455 388 340 561 339 307 489 655 556 214 386 414 464 710 292 309 508 391 239 272 488 255 274 380 380 434 273 304 393 292 384 313 308 350 272 383 330 344 1973-1975 Average Value Tracts >= 40 Acres and <= $3000/Acre 356 339 Source: www.agecon.okstate.edu/oklandvalues 2008-2010 Average Value Tracts >= 40 Acres and <= $3000/Acre Source: www.agecon.okstate.edu/oklandvalues OK Counties with Largest Increases in Land Values County 1973-75 Average($) 2008-10 Average($) % Change Love 356 2,134 499 Coal 273 1,450 431 Pittsburg 272 1,443 431 Marshall 339 1,763 420 Delaware 382 1,982 419 Johnston 308 1,591 416 Okmulgee 307 1,569 411 Okfuskee 214 1,089 409 Pushmataha 292 1,472 404 LeFlore 274 1,373 401 Source: www.agecon.okstate.edu/oklandvalues OK Counties with Smallest Increases in Land Values County 1973-75 Average($) 2008-10 Average($) % Change Alfalfa 800 1,273 59 Texas 334 559 67 Kingfisher 646 1,089 69 Grant 590 995 69 Kay 601 1,087 81 Garfield 628 1,171 87 Cimarron 210 414 97 Major 469 927 98 Caddo 464 925 99 Tillman 423 862 104 Source: www.agecon.okstate.edu/oklandvalues Land prices going ahead… • Changes in the environment – – – – – Farm Bill Domestic economy Global economy Elections/policy Interest rates • Recreational uses – Wildlife habitat, wildlife population • Development uses – Population growth – Per capita income • Agriculture – – – – – Input prices Cattle, wheat/feedgrain prices Yields Efficiency, productivity Continued drought Resources • Agecon.okstate.edu/oklandvalues • Kansas City Federal Reserve Bank – http://www.kc.frb.org/ – Choose RESEARCH & DATA, then Economic Review or Agricultural Credit Survey • USDA Ag Land Value Data and Reports – http://www.nass.usda.gov/Charts_and_Maps/Land_Value s_and_Cash_Rents/index.asp – http://usda.mannlib.cornell.edu/usda/current/AgriLandVa /AgriLandVa-08-04-2010.pdf Questions?? Roger Sahs 520 Ag Hall 405/744-9836 [email protected]