November 28, 2018 – New Harmony, Indiana
Offering an interesting perspective into the current farmland market, the Gary Harper Estate 524-Acre farm sold today at public auction in Gibson County for $3,638,250. The farm was offered in (7) tracts and featured a broad mix of soil types in a close geographic range in an area of Southwest Indiana known for strong competition in farmland investment. All (7) tracts were within a 3-section radius of each other and sold to (3) local buyers.
The results are as follows:
- Tracts 1 and 2 comprising 62 total acres sold at $262,500 or $4233 per acre which is $5,052 per tillable acre – soil types entirely sand
- Tracts 3,4,6, and 7 comprising 226 total acres sold at $2,289,000 or $10,100 per acre which is $10,400 per tillable acre – soil types include mix of Vincennes, Rensselaer, and even Ragsdale loams
- Tract 5 comprising 236 contiguous acres sold at $1,086,750 or $4,604 per acre which is $4,985 per tillable acre – soil types include Zipp silty clay loam over 65% and a mix of Vincennes and Rensselaer
It should be noted that the minerals did convey with the farm, in an area where coal exploration is predicted to move into the path of portions of the farm within 10-years. And an active oil and gas lease exists on Tract 5.
Tracts 3 and 4 being the prime farmland tracts topped out at $1,039,500 or $13,326 per acre before they were combined with Tracts 6 & 7.
Tracts 1 and 2 being sand fields sold at comparable prices to recent sales in the immediate area since 2015.
And Tract 5 being susceptible to flooding sold at a comparable price to recent sales conducted in the immediate area since 2015.
“Today’s auction was an ideal indicator of the farmland market in Southwest Indiana, given the varied soil types and close geographic range of the Harper Farm. The results show strong competition remains for quality farmland”, said Aaron and Andrew Wilson, Auctioneers with William Wilson Auction Realty, who represented the auction.
“The auction method proves itself over and over again. This farm sold above appraisal to buyer’s who appreciated the opportunity to buy the farm on the open market, at their price,” added the Wilson’s.
More information can be found at the auction here: http://www.wilsonauctions.com/auction/343144/524-acre-gibson-county-land-auction/
About William Wilson Auction Realty: William Wilson Auction Realty is a 35-year old second generation firm with offices in New Harmony and Evansville, Indiana. The firm specializes in agricultural farmland. Affiliations include the National Auctioneer’s Association and the Indiana Auctioneer’s Association. For more information, please call (812) 682-4000 or click on www.wilsonauctions.com