The average value of Oklahoma farmland increased 4 percent to
$438 an acre in the first quarter of 1989, marking the ninth
consecutive quarterly increase.
The average was the highest since an average price of $459 in
the fourth quarter of 1985, according to a survey from the Federal
Reserve Bank of Kansas City.
The average value of Oklahoma farmland for the first quarter was
up from $421 in the fourth quarter and up 11.7 percent from $392 per
acre for the first quarter of 1988.
According to the survey by the Kansas City Federal Reserve Bank:
- Non-irrigated farmland in Oklahoma in the first quarter had
a value of $425 per acre, up 2.4 percent from $415 in the fourth
quarter and up 9.2 percent from $389 in the first quarter of 1988.
- Irrigated farmland had a first quarter value of $666 per
acre, up 11.2 percent from $599 for the fourth quarter and up 20.2
percent from $551 in the first quarter of 1988.
- Ranchland had first quarter value of $225 per acre, down 9.6
percent from $249 in the fourth quarter and down 5.3 percent from
$237 in the first quarter of 1988.
Western Oklahoma land is increasing in value more rapidly than
land east of Oklahoma City, researchers said.
A bumper wheat crop and continued strong cattle prices helped
boost land prices 1.8 percent in Oklahoma during the first quarter,
according to the survey by the Federal Reserve Bank.
``We have seen prices go up on real good land. It depends on
the location and who's interested,'' said Garfield County Agent Ron
Robinson. ``We have seen a turnaround because sales have involved
some real excellent farmland.''
According to Oklahoma State University farm economists, land
values have appreciated most west of Oklahoma City. In the western
half of the state, land values increased 5.7 percent during the past
year. Land values increased only about 1 percent during the past
year in the eastern half of Oklahoma.
The survey by the Federal Reserve found that irrigated farmland,
which dominates in the western half of the state, rose nearly $200
per acre during the past two years.
The gain in farmland values, a trend that began more than two
years ago following six years of decline, was less in Oklahoma than
nearly any other state in the 10th Federal Reserve District, which
includes Oklahoma, Kansas, Missouri, Nebraska, Colorado, New Mexico
and Wyoming. …