Farmland auction brings more than $10.2 million
FARGO, N.D. — A major sale of more than 1,371 acres of farmland in Minnesota and Iowa attracted 78 registered bidders from five different states, resulting in total sales of $10,200,299 in the first Steffes Group land auction of the new year.
The auction included 922 acres in Mower County and 353 acres in Fillmore County. The tillable land in the auction averaged $8,800 per acre, with one Mower County tract fetching a price of $10,290 and a 144-acre tract going to a local farmer for $8,610 per acre.
Buyers included a mix of farmers and investors.
The online auction of three Jerauld County, South Dakota, sites attracted another 44 registered bidders from six states, resulting in an additional $266,500. The online auction, which featured grain storage and handling, brought a flurry of bids in the final minutes, resulting in bidding being extended for 54 minutes in four-minute increments as new bids were entered and raised.
“Our sellers were very pleased with the outcome – both in the number of bidders and in the prices achieved. There was probably some pent-up demand because relatively little tillable land has been on the market in recent months, and these tillable tracts in Minnesota were high in quality, which has been in highest demand in recent years,” said Steffes representative Randy Kath.
“The total attendance at the live auction was probably more than 200,” Kath said.