Active Auction Results from Kansas
February 25, 2019
During the week of February 11, Farmers National Company held
three separate land auctions selling 2,840 acres in three counties in
south-central and southwestern Kansas. Public auctions are a good way to gauge
land prices in an area as the open market and competitive bidding will
ultimately determine what the market is willing to pay. To have a successful and accurate auction, the land for sale has
to be fully marketed and advertised in local, regional, and nationwide venues.
The expertise of the local agent who knows the land and the marketplace is
critical for a successful auction as is the auction team the day of the sale.
All these factors came into play recently to produce successful sales for the
The land being sold ranged from highly productive irrigated cropland to dryland tracts. Paul Schadegg,
Area Sales Manager, commented that "One common result among the three
auctions was that they were all well attended as the agents did a good job
getting the word out across the area." There was a good number of active
bidders at each auction, including local farmers and area land investors, so
there was productive competition for the land. All properties in each auction
were sold by the second round of bidding, which is good given the more cautious
mood of land buyers in many areas.
The dryland tracts sold at or slightly
above the current market value for that type of land in those areas. The good
irrigated land sold very well hitting levels seen two years ago for
irrigated cropland. Schadegg observed that, "The
sale price of the good irrigated land showed the continued demand for high
quality land in productive areas." Despite the overall cautious mood in
agriculture, there remains buying interest in the farmland market from farmers
and investors. Knowing the marketplace coupled with extensive exposure of a
sale is attracting qualified buyers for the quality land coming up for sale
President - Real Estate Operations
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