trends in agricultural land & lease values trends in agricultural... · 2019. 4. 25. ·...

Trends® in Agricultural Land& Lease ValuesCalifornia and Nevada

Presented by

Outlook Agribusiness ConferenceApril 25, 2019

Sacramento, California

DisclaimerThe land value and lease data presented today and in the Trends® publication represents a general range of sales and rental data for each stated market. Specific sales or leases may be present in the market which are higher or lower that the ranges noted. Due to many factors, one should not assume that all of the farms or ranches within a certain market area or crop will fall within the ranges shown.

We strongly recommend that you obtain the assistance of a trained professional in your area to determine the value or appropriate rental level for a specific property.

Janie Gatzman, ARA and Tiffany Holmes, ARACo-Chairs of the Land Value Survey Committee

Special Thanks toSuzie Roget and Liz McAfee

Members of the 2019 Trends® Coordinating Team

Regional Chairs:

Kyle Dalrymple Hal Forcey, ARAKary Teagle, ARA Jaime Bigham, ARAKristin Massetti, ARA Mike Ming, ARA, FRICSAlison Renz Clark, ARA Curtis A. Buono, ARA, MAI, AI-GRSMichael Merkley, ARA David Bell, ARA

and All Regional Committee Members

Special Thanks toJanie Gatzman, ARA and Tiffany Holmes, ARACo-Chairs of the Land Value Survey Committee

Suzie Roget and Liz McAfeeMembers of the 2019 Trends® Coordinating Team

Regional Chairs:

Kyle Dalrymple Hal Forcey, ARAKary Teagle, ARA Jaime Bigham, ARAKristin Massetti, ARA Mike Ming, ARA, FRICSAlison Renz Clark, ARA Curtis A. Buono, ARA, MAI, AI-GRSMichael Merkley, ARA David Bell, ARA

and All Regional Committee Members

without whom this publication would not be possible

Please check out ther ads and patronize the businesses of our sponsors!

All of our

RegionsRegion One: Sacramento Valley

Region Two: North Coast

Region Three: North SJ Valley

Region Four: Central SJ Valley

Region Five: Southern SJ Valley

Region Six: Central Coast

Region Seven: Southern California

Region Eight: Mountains

Region Nine: Nevada

Nut Crops

AlmondsWalnuts

Pistachios

Almond Orchard Values

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

AlmondsHigh Price Paid per acre

Sac Valley

North SJ Valley

Central SJ Valley

South SJ Valley

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

N San Joaquin Valley Values per Acre

Almond Orchard ValuesEast/State Districts

Federal/Well

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Sacramento Valley Values per Acre

Mean increased 14% from 2015-18

Mean increased 4% from 2016-18,Flat from 2017-18

Mean decreased 13% from 2015-18

Mean decreased 9% from 2016,3% from 2017

Almond Orchard Values

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Central SJ Valley Values per Acre

East side

West side

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

S SJ Valley Values per Acre

Mean decreased 15% from 2015-18,Flat from 2016-18

Mean decreased 25% from 2015-18,

9% from 2016,4% from 2017

Uptick in 2018 ismostly Tulare Co,

good water

Walnut Orchard Values

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

WalnutsHigh Price Paid per acre

Sac Valley

North SJ Valley

South SJ Valley

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

N SJ Valley Values per Acre

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Sacramento Valley Values per Acre

But up 22% from 2017-18

**High sales were early in 2018; commodity price fall = orchard values softened in 2nd half, expect 2019 to be down

But up 6% from 2016,4% from 2017

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

S SJ Valley Values per Acre

But stable from 2017-18

Pistachio Orchard Values

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

PistachiosHigh Price Paid per acre

Central SJ Valley

South SJ Valley

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

South SJ Valley Values per Acre

Pistachio Orchard Values

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Central SJ Valley Values per Acre

But stable from 2017-18

But increased 11% from 2017-18

Winegrape Vineyards

North CoastCentral Coast

Southern CaliforniaCentral Valley

Winegrape Vineyard Values

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

Wine GrapesHigh Price Paid per acre

Sonoma

Monterey

SLO, SB

Fresno

Premium = Stable

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Napa Prime Values per Acre

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Napa Secondary Values per Acre

Premium = Stable, planted out:pressure on Secondary

$50,000

$100,000

$150,000

$200,000

$250,000

Sonoma Prime Values per Acre

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

Napa Outlying Values per Acre

Secondary

Planted out, expanding

Premium = Stable, pressure on Secondary

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Fresno Values per Acre

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Lodi Values per Acre

* Premium = Stable, economy wine = decreasing

Good quality, Lodi-area contracted grapes at high end, few sales;Head trained, uncontracted grapes at low end, most sale volume

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Monterey Values per Acre

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

SLO, SB Values per Acre

Premium = Stable, pressure on Secondary

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

SoCal Values per Acre

Premium = Stable

Irrigated Crop Land

Central ValleyCentral Coast

Southern California

Central Valley Irrigated Crop Land Values

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Cropland (good water)High Price Paid per acreSac Valley

North SJ Valley

Central SJ Valley

South SJ Valley

Central Valley Irrigated Crop Land Values – Federal Water Districts

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Crop Land-Federal DistrictsHigh Price Paid per acre

North SJ Valley-Stanislaus

North SJ Valley-Merced

Central SJ Valley

South SJ Valley

Irrigated Land Values: Sacramento Valley

$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,000$22,000$24,000

Yolo, S. Sutter, N. Sac. & Solano Irrigated Cropland

Class 1-2

SGMA Who? Oh, wait, I’ve heard of him…

Class 3-4

$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,000$22,000$24,000

Feather River, Sutter Basin & Northwest CountiesIrrigated Cropland

Irrigated Land Values: North San Joaquin Valley

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Cropland-North

Lodi, N County Districts, Well Water

SGMA? We’re busy planting…

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Cropland-South

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Cropland-Central

Irrigated Land Values: North San Joaquin Valley

EastsideDistricts

Westside-Well & Federal

Merced ID

Non-FederalWestside

Westside-Well & Federal

SGMA?? We’ll talk next year

Groundwater Ordinances

Non-Federal Westside

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Fresno County Cropland East

District

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Madera County Cropland

District

Irrigated Land Values: Central San Joaquin Valley

District:Mean 5% from 2015

Wells:Mean 41% from 2015

Oh, that SGMA

District:Mean 9% from 2015,Up 8% from 2017

Wells:Mean 37% from 2015

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Tulare County Cropland

Irrigated Land Values: South San Joaquin Valley

Hello SGMA

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Kings County Cropland

Central West

Irrigated Land Values: South San Joaquin Valley

White Areas? Here be Dragons…

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Kern County Cropland

State Water

Southeast

NE & Central

Central Coast Irrigated Farmland Values

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

Coastal CroplandHigh Price Paid per acreVentura

SLO-SB

Monterey

Santa Cruz

San Benito

Stable highs & increasing lows, except…

Irrigated Land Values: Southern California

Stability

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Coachella Valley Open Land

Irrigated Land Values: Southern California

Activity cooled slightly at top end, limited transactions at low end

$4,000

$8,000

$12,000

$16,000

$20,000

Palo Verde Valley Irrigation Field Crops/Produce

$4,000

$8,000

$12,000

$16,000

$20,000

Imperial Valley Irrigated Land

Limited

Average

Stable, low cap rates

Soft FruitsPrunes

Peaches, Plums, Nectarines and Cherries

Soft Fruits

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

High Price Paid per acre

Sac Valley Prunes

N. SJ Valley Cherries

Cent. SJ Valley Stone Fruit

S. SJ Valley Table Grapes

S. SJ Valley Stone Fruit

Citrus

$10,000

$20,000

$30,000

$40,000

$50,000

High Price PaidPer acre

Cent. SJ Valley Citrus

S. SJ Valley Citrus

SoCal Citrus

Dairy Facilities

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

High Price Paid per cowN SJ Valley

Cent SJ Valley

S SJ Valley

Mean decreased 42% to 59%

from 2008-18

Rangeland

$2,500

$5,000

$7,500

$10,000

$12,500

$15,000

$17,500

High Price Paid per acreCoastal

Inland Coast

Central Valley, East

Central Valley, West

Intermountain

Nevada

$1,000

$1,500

$2,000

$2,500

Grazing Land (per acre)

Pasture/Meadow

Dry Grazing/Range$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Northern NevadaCattle Operation (per AU)

Inside Operation

Range Operation

Desert Operation

Nevada:Northern Nevada Irrigated Cropland

$2,500

$5,000

$7,500

$10,000

$12,500

$15,000

$17,500

$20,000

Lahomtan Valley

Lovelock, Carson, Mason & Smith Valleys, Orovada, Kings River, Silver State & Winnemucca all Stable

$2,500

$5,000

$7,500

$10,000

$12,500

$15,000

$17,500

$20,000

Elko, Diamond Valley,Reese River

Trends® in Agricultural Land & Lease Values

California and NevadaPresented by

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trends in agricultural land & lease values trends in agricultural... · 2019. 4. 25. ·...

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