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Comparison of Alternative Sources of Farmland Values

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  • Zakrzewicz, Christopher J.
  • Brorsen, B. Wade
  • Briggeman, Brian C.

Abstract

Consistent and reliable data on farmland values is critical to assessing the overall financial health of agricultural producers. However, little is known about the idiosyncrasies and similarities of standard land value data sources – U.S. Department of Agriculture, Federal Reserve Bank land value surveys, and transaction prices. All three data sources are highly correlated, but transaction prices tend to be higher, especially for irrigated cropland and ranchland. USDA land values are reported as representing land values on January first, but instead they more closely represent first and second quarter land values according to a multi-state comparison to changes in quarterly Federal Reserve land values. Given the finding that first quarter Federal Reserve Bank land values lead USDA land values and that they are published before the USDA release, Federal Reserve land values are a timely indicator of agricultural producers’ financial position.

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Bibliographic Info

Paper provided by Agricultural and Applied Economics Association in its series 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania with number 103758.

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Date of creation: 2011
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Handle: RePEc:ags:aaea11:103758

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Keywords: Land Economics/Use;

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  1. Livanis, Grigorios T. & Moss, Charles B. & Breneman, Vincent E. & Nehring, Richard F., 2005. "Urban Sprawl and Farmland Prices," Working Papers 15657, University of Florida, International Agricultural Trade and Policy Center.
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  3. Duke, Joshua M. & Awokuse, Titus O., 2004. "The Causal Structure Of Land Price Determinants," 2004 Annual meeting, August 1-4, Denver, CO 20324, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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  14. Leah J. Tsoodle & Allen M. Featherstone & Bill B. Golden, 2007. "Combining hedonic and negative exponential techniques to estimate the market value of land," Agricultural Finance Review, Emerald Group Publishing, vol. 67(2), pages 225-239, September.
  15. Vincent E. Breneman & Richard F. Nehring, 2006. "Urban Sprawl and Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 915-929.
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Cited by:
  1. Schurle, Bryan & Featherstone, Allen & Wilson, Christine & Crossan, Dylan, 2013. "Land Prices During Periods of Rapid Change," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers.

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