VAN WERT, Ohio — (Jan. 28, 2010) -- Farmland prices continued to show strength Jan. 26 as bidders paid an average of $5,970 per acre for three farms near Van Wert and Payne, Ohio. The 483 acres of tillable land brought a total of $2,883,554.
"Prices are holding strong at near record levels, in part because there are currently more buyers in the market than there are sellers," said Rex Schrader, president of Schrader Real Estate and Auction Co., which marketed the farms and held the auction.
The Schrader auction attracted a crowd of more than 200, including 60 registered bidders. While farmers emerged as high bidders on the tillable land Tuesday, various investors also were strong bidders, according to Schrader.
"Quality tillable land has been one of the best investments of any type through the economic turmoil of the past couple of years, and that has naturally attracted the attention of investors. This creates one of the best selling opportunities in years for farmland. As a result, anyone who has considered selling a farm would be well advised to schedule an auction before it's too late for the 2010 crop year," Schrader said.
The three farms sold Tuesday were more than 95 percent tillable and represented a variety of soil types, including latty silty clay, pewamo silty clay loam, and blount silt loam.
This article was submitted by Schrader Real Estate and Auction Co. based in Columbia City, Ind.