The dollar volume of land sales listed and sold by Farmers National Company during the first six months of its fiscal year ending March 31st was up 56% over the same time period last year and up 67% over the average of the past three years! Total acres sold to date are up 59% compared to last year and 26% over two years ago. The number of sales transactions handled saw an increase of 10% over last year.
The increase in land sales activity at Farmers National Company is in contrast to what has generally been described as a slower land market that has had a steady to somewhat less amount of land for sale in most areas when compared to the previous year. While the number of auctions held by Farmers National Company during the past six months was only down two from last year, the number of private treaty land sales was up 48%. The increase of private treaty sales was prompted by where the land was located, the type of land, and the situation in the local land market.
The increase in sales activity at Farmers National Company is a result of a number of factors. The wide array of farms, ranches, timber land, and recreational properties managed by our local professionals across many states brings into play the dynamics of diverse local land markets and multiple landowners who are making buy/sell decisions. This created the opportunity to market more properties for sale in varied land markets. The company also saw an increase in the size of land holdings sold. Finally, higher sales prices for good cropland and for development land contributed to the sales volume.
The final piece of increased sales volume is the strong demand to own land across the board. Farmer and investor interest in good cropland has increased as well as for average cropland in many areas. The general public has a heightened interest in owning land of some type which might include a small acreage, a recreational property, or a small farm for investment purposes. All eyes will be on the land market as we continue through 2021 watching the amount of land that comes onto to the market later in the year and if the strong buying interest continues.