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Impact of Rainfall, Sales Method, and Time on Land Prices

Author

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  • Stephens, Steve
  • Schurle, Bryan

Abstract

Land prices in Western Kansas are analyzed using regression to estimate the influence of rainfall, sales method, and time of sale. The estimates from regression indicate that land prices decreased about $27 for each range that was farther west which can be converted to about $75 per inch of average rainfall. In addition, the influence of method of sale (private sale or auction) is estimated along with the impact of time of sale. Auction sales prices are approximately $100 higher per acre than private sales, and prices have been increasing by about $10 per month. Regression is shown to be a very useful tool to support adjustments in appraisals for several different factors that influence land prices.

Suggested Citation

  • Stephens, Steve & Schurle, Bryan, 2013. "Impact of Rainfall, Sales Method, and Time on Land Prices," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2013, pages 1-7, June.
    • Handle: RePEc:ags:jasfmr:161487
    DOI: 10.22004/ag.econ.161487
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    File URL: https://ageconsearch.umn.edu/record/161487/files/380%20Stevens%20_2_.pdf
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    Cited by:

    1. Taylor, Mykel & Schurle, Bryan & Rundel, Brady & Wilson, Bill, 2015. "Determining Land Values Using Ordinary Least Squares Regression," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2015, pages 1-12.
    2. Wilson, Bill & Schurle, Bryan & Taylor, Mykel & Featherstone, Allen & Ibendahl, Gregg, 2014. "Regression Estimates of Different Land Type Prices and Time Adjustments," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2014, pages 1-12.

    More about this item

    Keywords

    Financial Economics; Land Economics/Use;

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