Wisconsin Agricultural. Land Prices. Ag Land Values up 4.0%

Wisconsin Agricultural 2012 Land Prices Drought conditions, strong commodity prices and low interest rates combined to fuel another increase in Wisconsin agricultural land prices in 2012. While the year over year increase was modest, there was a strong uptick in average land values in the 4th quarter. Ag Land Values up 4.0%

Wisconsin Agricultural Land Prices 2007-2012 A.J. Brannstrom 12 University of Wisconsin Center for Dairy Profitability March 2013 Average Wisconsin agricultural land values increased 4% in 2012. Unlike the double digit increases reported in other Midwestern states, Wisconsin s agricultural land values increased only modestly from the year before. This report is based upon data obtained from the Wisconsin Department of Revenue. Transfer return records are collected electronically for each real estate title transfer. Sales data from more than 5,900 bare ag land transfer returns were used in this paper. It summarizes the trends in large agricultural land sales for the period 2007 2012. Only sales of bare land between non-related parties sold with warranty deeds or land contracts were used to compute land prices. All parcels were between 35 and 1200 acres and were assessed for agricultural use at the time of sale. Transactions with sales values less than $400/acre and more than $14,000/acre were excluded assuming they are not used for agricultural purposes. Sellers who retained property rights were also excluded as were parcels with reported water frontage. Finally, properties in cities or villages were excluded. The analysis is now based upon the year of title conveyance rather than the year of transfer recording. This correctly accounts for the few transactions which may have been agreed to in the past, but not recorded until years later. Unless otherwise noted, all reported sale prices are based upon weighted averages. The weighted average tends to reduce the influence of sales with unusually high or low sale prices. Weighted averages are computed by first summing the dollars paid for all sales and the total acres sold and then dividing the totals. For example if four 100-acre tracts sold for $2000/acre and a 5 th sold for $4000, but was only 50 acres - the weighted average would be ((400*$2,000)+(50*$4,000))/450 or $2,222/acre as opposed to the simple average of $2,400. Wisconsin agricultural land values have been increasing steadily for several years. From 2007-2012 the average annual value increase was $113/acre. Some agricultural land has been purchased by investors, but most buyers are expanding farmers. Unlike stocks and bonds and land for development, ag land has been a relatively appealing investment in recent years. Location is an important determinant of value. In addition to the state-wide averages, land prices are computed for National Agricultural Statistics Service districts. The map (Figure 1.) displays the borders of the various National Agricultural Statistics Service (NASS) districts. Figure 1 NASS s Table 1 on the following page reports the number of sales, the acres exchanged and the average $/acre in each of the 1 Arlin Brannstrom is a Faculty Associate at the UW-Madison Center for Dairy Profitability and Secretary / Treasurer of the Wisconsin Chapter of the American Society of Farm Managers and Rural Appraisers. 2 This paper was reviewed by Dr. Mark Stephenson, Director, Center for Dairy Profitability and Mr. Tom Kriegl, UWEX Professor Emeritus. 1

nine NASS reporting districts. (Complete county listings are included in Appendix I.) It is important to note that these are weighted averages and that even within smaller regions there can be wide variations in the value of individual parcels. Although all tracts were assessed for agricultural purposes at the time of sale, the new owners may have plans to convert the land to alternative use in the future. The average price per acre for bare land was highest in East Central Wisconsin in 2012, but increasing competition for land has increased values all across the state. Count 2007 2008 2009 Acres $/Acre Count Acres $/Acre Count Acres $/Acre 1 NW 72 6,407 $1,617 75 6,594 $2,048 56 5,023 $1,933 2 NC 86 5,945 $1,895 110 7,646 $1,983 76 6,005 $2,021 3 NE 50 3,871 $2,011 60 4,864 $2,692 47 2,875 $2,986 4 WC 136 10,484 $2,746 158 13,170 $3,128 122 10,312 $2,975 5 C 76 6,026 $2,572 125 12,971 $2,842 66 5,469 $2,568 6 EC 112 7,158 $3,351 172 12,007 $3,937 108 8,153 $4,099 7 SW 182 14,715 $3,085 192 16,434 $3,324 130 9,996 $3,290 8 SC 120 10,655 $4,138 120 9,838 $4,650 107 8,516 $4,113 9 SE 25 1,698 $5,997 21 1,673 $5,300 24 1,677 $5,321 Grand Total 859 66,959 $2,948 1033 85,197 $3,243 736 58,026 $3,195 2010 2011 2012 Count Acres $/Acre Count Acres $/Acre Count Acres $/Acre 1 NW 92 6,474 $1,746 99 6,904 $1,941 127 8,742 $2,327 2 NC 85 6,152 $1,937 95 6,534 $1,934 114 7,776 $2,176 3 NE 56 4,449 $2,476 51 2,851 $2,763 67 4,301 $2,920 4 WC 186 14,247 $2,996 240 18,480 $3,126 233 16,987 $3,246 5 C 114 10,137 $2,960 98 7,281 $2,563 96 6,228 $2,887 6 EC 104 7,233 $3,849 141 10,890 $4,606 152 10,418 $5,228 7 SW 168 15,596 $3,204 149 13,010 $3,169 192 14,580 $3,723 8 SC 146 15,583 $4,474 159 13,471 $5,030 140 10,083 $4,916 9 SE 30 2,588 $5,501 31 2,361 $5,639 35 2,625 $5,006 Grand Total 981 82,459 $3,258 1063 81,782 $3,458 1156 81,740 $3,602 Table 1. Average Wisconsin Bare Land Prices 2007-2012 Figure 2 State-wide Ag Land Value Trends 2007-2012 2

The linear regression equation in the upper right hand corner of Figure 2 is able to explain nearly 90% of the change in land prices. In other words, starting with the 2007 state-wide average price/acre and adding $113.65 would predict 89% of the annual change from 2008-2012. While this equation has worked over this period of years, it should not be used to predict future land value trends since land values are affected by interest rates, commodity prices and other factors. The average price/acre increased nearly 20% in Northwest district and decreased nearly 11% in the Southeast district. The Southwest and East Central districts also experienced double digit increases in land values in 2012. The number of sales and volume of land sold in 2012 were nearly identical to the previous year. The West Central district sold the most acreage and the Southeast district sold the fewest acres. Land is typically transferred by either warranty deed or by land contract. Table 2 lists the weighted average bare land price by transaction type. It appears that warranty deeds are by far the most common, but a surprising number of land contracts were used in recent years even with historically low interest rates available from conventional lenders. 2007 2008 2009 Row Labels Count Sum of To $/Acre Count Sum of To $/Acre Count Sum of To $/Acre Warranty Deed 768 60,282 $2,952 866 72,002 $3,225 645 50,298 $3,169 Land Contract 83 5,972 $2,833 156 11,908 $3,262 87 7,379 $3,386 Grand Total 851 66,254 $2,941 1022 83,910 $3,230 732 57,677 $3,197 2010 2011 2012 Row Labels Count Acres $/Acre Count Acres $/Acre Count Acres $/Acre Warranty Deed 881 73,959 $3,296 907 69,743 $3,490 1027 72,258 $3,608 Land Contract 100 8,500 $2,933 156 12,039 $3,272 129 9,482 $3,555 Grand Total 981 82,459 $3,258 1063 81,782 $3,458 1156 81,740 $3,602 Table 2. State-wide weighted average $/Acre Warranty Deeds vs Land Contracts In this environment, the use of land contracts was most likely caused by one of two factors: 1) sellers seeking interest income by financing a land sale, or 2) buyers were unable to secure conventional financing. There does not appear to be a great deal of difference in sale prices based upon the way sellers convey title. Quarterly average sales prices and acres sold over the past six years are displayed in Figure 3 on the next page. The largest acreage was sold in the 4 th quarter in each of the past three years. There was a large spike in acreage sold in the 4 th quarter of 2012. More than 30,000 acres (or about 37% of the total land transferred in 2012) was sold in the 4 th quarter of 2012. In many cases, this was driven by potential capital gain and estate tax concerns. Recall that estate and capital gains tax rules were due to revert back to 2001 levels at year-end unless changed by Congress. Now that the estate tax rules have been settled, there may be less urgency to sell more land in 2013. 3

Does financing affect average prices paid? A financing code is included in each transfer return record. There are three common methods of financing land purchases: 1) conventional mortgages 2) seller financing and 3) cash no borrowing. Approximately half the transactions were financed with conventional mortgage financing, ten percent used seller financing and the remaining forty percent paid cash. These figures remained nearly constant over the past six years. 2007 2008 2009 2010 2011 2012 Sales $/Acre Sales $/Acre Sales $/Acre Sales $/Acre Sales $/Acre Sales $/Acre Conventional 456 $ 3,096 508 $ 3,334 349 $ 3,223 450 $ 3,490 506 $ 3,505 568 $ 3,785 Seller Finance 81 $ 2,870 161 $ 3,268 87 $ 3,288 101 $ 2,877 150 $ 3,486 123 $ 3,556 Cash 316 $ 2,764 357 $ 3,192 288 $ 3,174 410 $ 3,096 395 $ 3,606 472 $ 3,379 Grand Total 853 $ 2,960 1026 $ 3,280 724 $ 3,213 961 $ 3,274 1051 $ 3,538 1163 $ 3,604 Table 3. Average $/Acre by financing method reported. 35000 30000 25000 20000 15000 10000 5000 0 Quarterly Values 2007 2012 & Acres Sold 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2007 2008 2009 2010 2011 2012 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Acres $/Ac Figure 3. Quarterly State Wide Agricultural Land Prices 2005-2012 Figure 4 on the following page, contains the summary statistics for the 2012 bare land sales. The reported mean sales price of $3,290 is the arithmetic average of the individual transactions in other words, it is not weighted for the size of each sale. The histogram illustrates the skewed distribution of the data. While there were a few sales above $10,000 / acre, these are much less frequent than sales below $3,000/acre. The confidence range for the unweighted mean sale price was between $3,245 and $3,335. In other words there is a 95% likelihood that the unweighted average sale price / acre was between $3,245 and $3,335. 4

2012 Summary Statistics Bare Ag Land > 35 and < 1200 Acres A nderson-d arling N orm ality T est A -Squared 125.26 P-Value < 0.005 M ean 3290.2 StDev 1766.1 V ariance 3119247.0 Skew ness 1.59516 Kurtosis 4.27636 N 5899 2000 4000 6000 8000 10000 12000 14000 M inimum 307.5 1st Q uartile 2100.0 M edian 2975.5 3rd Q uartile 4023.1 M aximum 13846.2 95% C onfidence Interv al for M ean 3245.2 3335.3 95% C onfidence Interv al for M edian 2917.0 3000.0 95% Confidence Intervals 95% C onfidence Interv al for S td ev 1734.8 1798.6 Mean Median 2900 3000 3100 3200 3300 Figure 4. Statistical Summary of Bare Land Sales for 2012 A small number of parcels sold for very high prices. The quartiles of the distribution are reported in the 3 rd box on the right in Figure 4. In 2012 one-fourth of the sales were below $2100 and another one-fourth of the sales were above $4023/acre. Many of the highest priced sales were in southern and southeastern Wisconsin where the pressures for development are most severe. Table 4. Average Bare Land Parcel Size (in acres) for Parcels > 35 and < 1200 Acres Avg Parcel Size (Acres) 2007 2008 2009 2010 2011 2012 1 NW 74 75 84 70 65 69 2 NC 64 67 72 72 71 67 3 NE 70 59 64 78 57 67 4 WC 71 78 80 73 75 73 5 C 70 96 63 73 66 66 6 EC 65 70 74 66 70 68 7 SW 77 84 74 85 86 76 8 SC 84 81 77 91 78 72 9 SE 64 66 77 78 70 74 Grand Total 73 78 74 76 73 71 Table 4 lists the average bare land parcel size from 2007-2012. The state-wide average parcel size for bare land sales has remained unchanged over this period. Note that in total, more than 125 square miles of bare land changed hands each of the past two years. While this may sound like a large number, it is actually much less than 1% of the state s agricultural land base. 5

25.00% % of Ag Acres Sold by 20.00% 2007 15.00% 2008 10.00% 2009 2010 5.00% 2011 0.00% 1 NW 2 NC 3 NE 4 WC 5 C 6 EC 7 SW 8 SC 9 SE 2012 Figure 5. Relative % of Land Sold by Figure 5 displays the percentage of total land area sales by NASS between 2007 and 2012. Southeast and Northeast districts have had the least agricultural land sold. There has been a steady increase of land sales in the West Central and the South Central districts and a steady decrease in the land sales in the Southwest. The small acreage in Northeast Wisconsin reflects the larger amount of forest and recreation land in that area. Southeastern Wisconsin agricultural sales are very limited due to the large number of competing land uses. $7,000 $6,000 Ag Land Price/Acre by Region 2007 2012 2007 2008 2009 2010 2011 2012 $5,000 $4,000 $3,000 $2,000 $1,000 $ 1 NW 2 NC 3 NE 4 WC 5 C 6 EC 7 SW 8 SC 9 SE Figure 6. Weighted Average Price / Acre by and Year Figure 6 is a bar chart of the weighted average sale price / acre within each of the nine statistical reporting districts of Wisconsin by year. Average land values have been increasing in most parts of the state, but the highest prices paid for land are in South Central, East Central and Southeastern Wisconsin. There have been very few bare land sales in Southeastern Wisconsin in recent years. This makes it difficult to gauge market value trends. Southeastern sales have observed the largest weighted average price decline in recent years as some of the development pressures have eased. 6

Land Values vs Rental Rates State-wide land rental rates are reported annually by NASS. Figure 8 combines the state average land values with reported average rental rates. Rental rates are highly variable. In recent years rental rates have averaged between 2.4 and 2.8% of average sale prices. Many more acres are rented than sold each year. Like our neighboring states, rental rates tend to lag behind land sale prices during periods of rising land values. Recent strong commodity prices will drive rental rates higher for 2012. Figure 7. Land Values & NASS Reported Rental Rates While the rate of cash return on average investment was low in 2012, it was still better than current CD rates. If the average cash rent is combined with the average land value increase, the returns to owning land look much better. Cash rental rates tend to lag behind land values during periods of strong commodity prices. With the historically good prices experienced in 2012, competition for rental acres will continue to be strong in 2013. Implications for Farmers Rising land values are a mixed blessing for established farmers. The appreciation in land value is only realized when the assets are sold. In most cases the ongoing business is neither directly responsible for nor directly benefited by changes in land values. High land values provide the retirement cushion for last generation farm businesses. However, high land prices make it more difficult for new entrants to get started without significant help from family members or other benefactors. Dairy farming in Southeastern, East Central and South Central Wisconsin is under great pressure from competing land uses. If the trend continues, dairy production will continue to shift away from these parts of Wisconsin. Dairy farming is a capital intensive business. A typical dairy cow consumes approximately 8 tons of forage and 100 bushels of grain each year. Manure management and nutrient balancing are a growing challenge. The typical Wisconsin dairy farm requires 2-3 acres of cropland to dispose of the nutrients generated by each dairy cow. In recent years the demands for rural real estate have made dairy farm acquisition and expansion very difficult. 7

Farmland use value assessment has greatly reduced the costs of holding agricultural real estate in the past decade. Record low interest rates and changing population demographics have also increased demands for open space. Expanding dairy businesses may need to rely on long term leases or manure trading arrangements to assure compliance with environmental regulations and land use constraints. Although dairy farming is well suited to the climate, topography and infrastructure of Wisconsin, the continued survival of a viable dairy industry depends upon access to affordable land resources. Few things are as illiquid as land. Unlike stocks, bonds and commodities, the actual value of real estate can only be estimated until a willing buyer and seller consummate a sale. At least in recent years, agricultural land has been a much better investment than many other alternatives. Appendix I contains a more detailed breakdown of real estate sale prices on a county by district basis for 2007-2012. The reader is cautioned that limited numbers of sales in each county can cause wide variations from year to year, and the weighted average prices reported may not truly represent the local market. These figures should not substitute for an independent appraisal by a qualified professional. 8

2007 2008 2009 2010 2011 2012 Sales Acres $ / Acre Sales Acres $ / Acre Sales Acres $ / Acre Sales Acres $ / Acre Sales Acres $ / Acre Sales Acres $ / Acre 1 NW 72 6,407 $1,617 75 6,594 $2,048 56 5,023 $1,933 92 6,474 $1,746 99 6,904 $1,941 127 8,742 $2,327 BARRON 17 1,316 $1,787 23 2,489 $2,126 7 616 $1,811 15 1,022 $2,219 16 1,013 $2,129 24 1,486 $2,879 BAYFIELD 4 298 $1,552 9 725 $1,509 5 265 $1,108 7 392 $1,097 10 616 $1,510 7 625 $1,055 BURNETT 6 469 $1,684 1 40 $1,500 4 226 $1,509 5 287 $1,870 5 457 $1,874 6 321 $1,735 CHIPPEWA 20 1,825 $1,664 18 1,663 $2,267 12 1,043 $2,259 25 2,006 $1,998 28 2,131 $2,113 35 2,371 $2,703 DOUGLAS 3 120 $1,218 1 40 $500 1 70 $429 2 351 $912 4 213 $1,084 3 200 $845 POLK 9 689 $3,093 11 671 $2,275 11 1,497 $2,623 15 849 $1,812 21 1,532 $2,351 25 1,762 $3,013 RUSK 11 675 $1,015 10 828 $1,840 9 690 $1,065 12 806 $1,128 11 689 $1,153 14 1,039 $1,322 SAWYER 1 945 $704 1 80 $1,563 3 227 $1,983 2 134 $1,119 1 42 $1,200 5 383 $1,679 WASHBURN 1 70 $1,286 1 58 $1,600 4 389 $1,191 9 627 $1,821 3 211 $1,327 8 555 $1,693 2 NC 86 5,945 $1,895 110 7,646 $1,983 76 6,005 $2,021 85 6,152 $1,937 95 6,534 $1,934 114 7,776 $2,176 ASHLAND 4 298 $3,211 5 300 $848 3 207 $1,257 1 83 $1,265 3 297 $1,234 1 40 $497 CLARK 38 2,811 $1,773 40 3,059 $1,837 31 1,779 $1,897 24 1,796 $1,969 33 2,282 $1,847 34 2,210 $2,384 IRON 3 180 $908 1 40 $950 NA NA NA 2 175 $1,743 1 60 $754 NA NA NA LINCOLN 4 153 $1,595 7 366 $2,034 3 559 $979 3 194 $1,267 4 249 $1,889 5 202 $1,472 MARATHON 36 2,463 $1,950 42 2,834 $2,484 28 2,641 $2,377 30 2,198 $2,271 35 2,361 $2,439 45 2,873 $2,635 ONEIDA NA NA NA 1 107 $2,042 1 57 $1,140 NA NA NA NA NA NA 1 120 $1,300 PRICE NA NA NA 5 316 $1,571 1 40 $800 3 251 $1,782 6 314 $1,034 3 279 $663 TAYLOR NA NA NA 9 624 $1,208 8 562 $2,261 21 1,417 $1,558 13 971 $1,498 25 2,052 $1,668 VILAS 1 40 $2,875 NA NA NA 1 160 $1,925 1 38 $2,105 NA NA NA NA NA NA 3 NE 50 3,871 $2,011 60 4,864 $2,692 47 2,875 $2,986 56 4,449 $2,476 51 2,851 $2,763 67 4,301 $2,920 FLORENCE 1 40 $1,425 NA NA NA NA NA NA 1 40 $1,525 NA NA NA NA NA NA FOREST 1 80 $1,000 NA NA NA 1 160 $1,000 1 80 $1,000 NA NA NA 2 197 $1,472 LANGLADE 6 1,137 $999 9 1,002 $1,798 5 270 $2,119 6 944 $1,756 3 169 $1,709 9 469 $1,553 MARINETTE 3 163 $2,005 6 1,010 $3,352 3 158 $1,949 5 330 $2,030 6 304 $2,563 11 773 $2,799 OCONTO 22 1,374 $2,327 18 1,075 $2,650 13 784 $3,266 14 1,188 $2,640 18 995 $2,644 15 1,011 $2,987 SHAWANO 17 1,077 $2,774 27 1,777 $2,847 25 1,503 $3,315 29 1,867 $2,899 24 1,383 $3,021 30 1,851 $3,433 4 WC 136 10,484 $2,746 158 13,170 $3,128 122 10,312 $2,975 186 14,247 $2,996 240 18,480 $3,126 233 16,987 $3,246 BUFFALO 10 933 $3,318 17 1,558 $3,165 11 890 $3,308 27 2,199 $3,218 26 2,396 $3,285 25 2,210 $3,229 DUNN 16 1,103 $2,093 17 1,613 $3,656 10 948 $2,961 20 1,385 $2,185 29 2,372 $3,249 28 2,117 $2,859 EAU CLAIRE 13 995 $2,146 5 255 $3,634 9 652 $3,062 6 346 $4,064 15 1,119 $2,915 24 1,689 $3,059 JACKSON 16 1,172 $2,177 16 1,438 $2,679 11 1,025 $2,895 18 1,519 $2,967 21 1,460 $2,747 21 1,622 $3,294 LA CROSSE 7 382 $2,225 5 329 $3,246 10 951 $3,370 9 694 $2,757 16 1,350 $3,240 12 700 $4,082 MONROE 20 1,180 $2,522 29 1,799 $2,757 21 1,627 $2,376 20 1,342 $2,432 35 2,547 $2,509 25 1,660 $2,393 PEPIN 5 308 $4,963 9 771 $3,301 9 840 $3,243 8 399 $2,839 7 406 $3,361 12 720 $2,979 PIERCE 13 1,147 $3,759 22 1,947 $3,097 10 649 $3,229 28 2,750 $3,697 26 1,871 $3,597 28 1,824 $3,512 ST. CROIX 13 817 $3,939 21 1,528 $3,057 14 1,251 $3,512 21 1,363 $3,260 27 1,975 $4,044 38 2,684 $4,110 TREMPEALEAU 23 2,447 $2,377 17 1,932 $3,267 17 1,479 $2,488 29 2,250 $2,555 38 2,984 $2,705 20 1,761 $2,861 5 C 76 6,026 $2,572 125 12,971 $2,842 66 5,469 $2,568 114 10,137 $2,960 98 7,281 $2,563 96 6,228 $2,887 ADAMS 6 772 $2,495 7 511 $3,278 2 103 $3,159 17 1,856 $3,362 8 620 $2,776 7 461 $2,579 GREEN LAKE 12 1,222 $3,624 16 1,175 $3,181 5 232 $2,909 18 1,240 $4,001 5 363 $3,680 4 262 $2,989 JUNEAU 18 1,604 $2,045 15 3,454 $2,444 8 1,135 $2,082 11 928 $2,489 14 1,176 $2,028 16 1,090 $2,211 PORTAGE NA NA NA 22 1,571 $2,765 12 1,553 $2,398 22 2,366 $2,489 18 1,530 $2,424 10 524 $2,562 WAUPACA 19 1,082 $2,826 27 2,281 $3,532 15 923 $3,441 16 1,103 $3,074 17 1,005 $2,729 34 2,041 $3,634 WAUSHARA 11 723 $2,563 15 1,342 $2,912 13 840 $2,495 10 1,464 $2,828 11 904 $2,439 10 697 $2,753 WOOD 10 623 $1,529 23 2,637 $2,541 11 683 $2,469 20 1,180 $2,605 25 1,683 $2,713 15 1,153 $2,533 6 EC 112 7,158 $3,351 172 12,007 $3,937 108 8,153 $4,099 104 7,233 $3,849 141 10,890 $4,606 152 10,418 $5,228 BROWN 9 472 $3,680 9 499 $4,824 6 460 $4,981 7 330 $5,247 11 759 $5,746 11 663 $7,470 CALUMET 5 331 $3,317 13 799 $3,678 11 876 $4,837 8 388 $4,566 11 975 $6,265 11 729 $6,251 DOOR 6 259 $4,768 12 762 $3,154 9 757 $3,701 5 335 $3,640 13 803 $3,237 10 519 $3,346 FOND DU LAC 21 1,540 $3,263 30 2,419 $4,059 18 1,360 $3,812 17 1,362 $4,240 25 2,840 $4,411 31 2,340 $5,373 KEWAUNEE 10 647 $3,251 16 980 $3,394 11 778 $4,574 11 659 $3,897 7 438 $4,452 11 731 $4,674 MANITOWOC 23 1,353 $2,771 37 2,857 $3,590 17 1,096 $3,924 16 924 $3,778 23 1,609 $4,672 16 1,092 $5,234 MARQUETTE 4 327 $2,365 8 439 $2,673 7 425 $2,712 8 567 $2,678 7 483 $2,516 5 199 $2,306 OUTAGAMIE 10 759 $4,705 25 1,772 $5,433 13 1,163 $5,867 14 1,530 $3,590 19 1,380 $3,642 32 2,629 $5,401 SHEBOYGAN 13 816 $3,271 16 890 $3,403 5 379 $3,529 7 506 $3,838 14 822 $6,389 22 1,354 $4,762 WINNEBAGO 11 654 $3,101 6 590 $3,878 11 859 $2,015 11 632 $3,685 11 781 $4,615 3 162 $2,504 7 SW 182 14,715 $3,085 192 16,434 $3,324 130 9,996 $3,290 168 15,596 $3,204 149 13,010 $3,169 192 14,580 $3,723 CRAWFORD 22 1,414 $2,492 14 1,076 $2,344 8 481 $2,879 14 1,223 $2,236 13 973 $2,092 13 905 $2,318 GRANT 39 3,879 $3,223 49 3,927 $3,494 25 1,833 $3,428 32 2,918 $3,713 26 2,799 $3,281 32 3,175 $3,513 IOWA 19 1,960 $3,179 28 2,614 $2,883 29 2,331 $3,424 25 2,209 $2,987 21 1,762 $3,584 29 2,320 $4,365 LAFAYETTE 27 2,271 $3,535 26 3,519 $4,163 19 1,883 $4,164 27 3,011 $4,049 27 2,672 $3,799 39 3,167 $5,245 RICHLAND 22 1,335 $2,719 15 984 $2,460 17 1,087 $2,455 22 1,862 $2,434 22 2,037 $2,253 32 2,118 $2,789 SAUK 28 1,772 $3,354 33 2,466 $3,347 15 1,148 $3,176 19 1,253 $2,977 19 964 $3,346 23 1,402 $3,367 VERNON 25 2,084 $2,661 27 1,848 $2,989 17 1,233 $2,500 29 3,120 $2,998 21 1,803 $3,179 24 1,493 $2,451 8 SC 120 10,655 $4,138 120 9,838 $4,650 107 8,516 $4,113 146 15,583 $4,474 159 13,471 $5,030 140 10,083 $4,916 COLUMBIA 17 1,154 $3,794 23 1,714 $4,624 21 1,608 $3,964 21 1,670 $3,678 25 2,237 $4,315 27 1,662 $4,830 DANE 17 1,445 $5,368 14 1,216 $5,392 13 944 $4,780 33 4,703 $5,875 32 2,302 $6,415 28 1,945 $5,441 DODGE 26 2,134 $3,797 29 2,179 $4,432 35 2,519 $4,218 35 2,967 $3,903 38 2,731 $4,456 37 2,873 $5,209 GREEN 20 2,191 $3,394 20 2,262 $4,164 8 857 $3,803 19 1,913 $3,744 19 2,015 $4,413 24 2,152 $4,225 JEFFERSON 11 777 $4,218 7 428 $4,774 12 1,077 $3,296 7 569 $3,527 15 1,463 $3,880 11 580 $5,066 ROCK 29 2,954 $4,447 27 2,039 $4,974 18 1,511 $4,438 31 3,761 $4,038 30 2,723 $6,097 13 871 $4,544 9 SE 25 1,698 $5,997 21 1,673 $5,300 24 1,677 $5,321 30 2,588 $5,501 31 2,361 $5,639 35 2,625 $5,006 KENOSHA NA NA NA 1 39 $5,513 2 163 $3,673 5 552 $7,074 5 400 $6,234 6 682 $4,465 OZAUKEE 2 104 $6,467 2 103 $8,252 NA NA NA 4 263 $4,871 5 371 $4,781 3 308 $5,367 RACINE 3 246 $8,748 9 779 $3,553 4 256 $4,592 5 351 $3,488 5 576 $5,384 8 492 $4,518 WALWORTH 14 1,028 $5,198 7 648 $6,913 10 817 $6,057 14 1,284 $5,353 11 679 $6,394 13 792 $5,538 WASHINGTON 5 280 $6,911 2 104 $5,337 2 153 $5,490 1 66 $4,818 4 265 $4,547 4 299 $5,301 WAUKESHA 1 40 $2,000 NA NA NA 6 288 $4,724 1 72 $8,819 1 70 $5,714 1 52 $4,808 Grand Total 859 66,959 $2,948 1033 85,197 $3,243 736 58,026 $3,195 981 82,459 $3,258 1063 81,782 $3,458 1156 81,740 $3,602 Appendix I. Detailed County Ag Land Sales 2007-2012 9