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If you need help setting up services or accessing your accounts, please call our Customer Care Team at 866.552.9172 during business hours (7 a.m. — 5 p.m. PST, M-F) or email us at CustomerCare@AgWestFC.com.
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If you need help setting up services or accessing your accounts, please call our Customer Care Team at 866.552.9172 during business hours (7 a.m. — 5 p.m. PST, M-F) or email us at CustomerCare@AgWestFC.com.
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A favorable price outlook for most commodities, tempering input costs and improving moisture conditions provide a positive outlook for Northwest land values going into 2023.
Sales value and volume
Northwest land sale numbers are falling while values rise and preliminary 2023 data suggests this trend will continue. Most areas continue to experience strong demand with limited available inventories. Decreases in Washington from 2020-2021 resulted from a lack of quality properties on the market rather than lower demand. As of March 27, AgWest Farm Credit staff collected 80 land sales that closed in 2023 with an average value of $8,431 per acre.Average Land Values Per Acre, Northwest
Source: AgWest’s propriety sales database. Data for the last six months is subject to change.
Land Value Considerations
Interest Rates – The Federal Reserve raised the federal funds rate by 25 basis points in both February and March of 2023. These are smaller rate hikes than those seen in 2022 and may indicate a policy shift away from tightening monetary conditions. See our Quarterly Economic Update for a more in-depth analysis. Despite strong interest from potential real estate buyers, rising financing costs are leading to increased listing times and fewer transactions. These trends indicate a slowing market.
Residential – Home prices have started to decline; however, there continues to be a lack of affordable housing in some areas. A cooling market may lead to fewer new developments and alleviate some upward pressure on agricultural lands, particularly those surrounding population centers.
Availability – Land availability is reportedly low throughout the region. Many investors, family estates and farm operators are holding on to properties as low-risk, long-term investments despite elevated values.
Commodity Prices –The 2023 outlook for most commodities in the Northwest appears positive, which may help continue to support stable to increasing land values. For industry specific information, visit our Industry Insights site.
Drought – Drought conditions have improved across the West Coast as winter storms continued late into the spring. Current snowpack throughout most of the Northwest is near or above 100% of normal. Precipitation levels in much of Idaho, eastern Montana and eastern Oregon are near or above 100% of normal, while most of Washington, western Oregon and western Montana are hovering around 75% to 85%.
Drought Classifications, West Coast
Washington
Oregon
Montana
Idaho
AgWest appraisers provide appraisal services on rural properties throughout the Northwest. The Appraisal Services team continually researches sales and tracks market data throughout Idaho, Montana, Oregon and Washington. They compile and analyze market data using a central database.
This report provides a high-level look at trends and market characteristics and does not provide detail for specific areas or land types. This report should not be used to identify a value for a specific property. This information is limited only to an analysis of trends in identified land values within the geographic area served by AgWest.
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