Rural Land Values in the Southwest: Second Half, 1997 Page: 3
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Oklahoma
Noting respectable increases in properties
offered for sale and the number of properties
sold, Oklahoma observers projected modest
value increases by fall 1998 for all types of land.
Consensus forecasts see land values climbing
from 1 to 2 percent for most types of rural land
with urban fringe land projected to enjoy a 4
percent rise.
Farmers and ranchers continued to dominate
the Oklahoma land market, according to 75
percent of the Oklahoma responding panelists.
Reflecting the presence of those agricultural
producers, more than 50 percent of the re-
sponding panelists saw agriculture as the
primary motive for buyers. Retirement and
estate settlement motivated sellers, according
to nearly 100 percent of the Oklahoma panel.
Panelists indicated the following facts about
the Oklahoma market.
" Irrigated cropland:
a median value of $863 per acre
typical sold property size of 160 acres
highest regional median price of $1,500
per acre in LMA 15
lowest regional median price of $430
per acre in LMA 1
a 2 percent increase was projected in
values by fall of 1998
" Nonirrigated cropland:
a median value of $650 per acre
typical sold property size of 160 acres
highest regional median price of $1,250
per acre in LMAs 5 and 6
lowest regional median price of $325
per acre in LMA 15
a 2 percent increase was projected in
values by fall of 1998
" Native rangeland:
a median value of $313 per acre
typical sold property size of 180 acres
regional high median price of $500 per
acre in LMA 14
regional low median price of $100 per
acre in LMA 7a 1 percent increase was projected in
values by fall of 1998.
The Oklahoma panel contributed ten obser-
vations on current land markets.
Commentary
The following comments contributed by
Oklahoma panelists add insight into local land
market developments.
"A steady cattle market helped demand
for good grass country, and this year all of
the wheat pasture was taken early. Good
grazing wheat was impossible to find in
December," (Oklahoma Panhandle
broker).
"Expansion of large operations engulfed
small farms. We are seeing some urban
flight. Large ranch tracts attracting
investors and tax break seekers," (Okla-
homa appraiser).
"The major concerns in this area centers
around the following: when the property
is located within commuting distance of a
sizable population center, the growth and
demand for rural residential sites drives
the market. When the property is located
outside of the urban growth area, the
economics of the agricultural sector
influence prices. In Southeast Oklahoma,
this would be the cattle and wheat
industry," (Southern Oklahoma ap-
praiser).
"There are buyers for good properties as
they become available," (Eastern Okla-
homa appraiser).
Texas
Noting continued increases in the overall
supply of land and sales volume, Texas panel-
ists continue to reflect optimism about land
market prospects through the fall of 1998.
Most respondents expressed unguarded
optimism about future developments for
rangeland and urban fringe acreage. However,
continued doubts about prospects for profitable
agricultural operations dampened enthusiasm
for both irrigated and nonirrigated cropland.
Respondents look for no change in prices for
farmland between fall 1997 and 1998. How-
ever, reacting to tight supplies and strong3
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Gilliland, Charles E. & Semien, Anthony. Rural Land Values in the Southwest: Second Half, 1997, report, July 1998; College Station, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1586957/m1/7/?rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.