Usually my report pertains to residential homes on less than 10 acres sold for the as reported by the Lebanon Board of Realtors MLS but over the last week there were no homes sold, and with that I thought it was a good time to share some land sale statistics.
These statistics pertain to raw land over 3 acres sold from the first of the year to yesterday as reported by the Lebanon MLS. There have been 18 land sales over 3 acres reported this year for a total of almost 1.1 million, that's down from last years 38 sales for 1.6 million during the same period on 07. The average price this year is over 61K, last year in the same time period it was around 44K. The average parcel size this year has been 30 acres, compared to last years 20 acre average. This year's average of over 2037 per acre is lower than last year's 2167 average, which is not surprising considering the smaller average parcel size.
One of the most common questions I receive from people is what land is worth in Laclede County and I always explain that there are many variables that determine lands value. Those variables include the properties condition, if it is wooded or pasture, the size of the parcel and its amount of road frontage, it can also be affected it's proximity to a town or the school district it is in. In looking at a 4 year average for land sales the best way to break it down is by parcel size so here are the averages. Lots sold with less than 3 acres over the last 4 years averaged less than an acre in size and sold for an average of $12,800. On Land sale 3 to 10 acres the average size lot was 5 acres and sold for almost $4400 per acre. The 4 year average for land sold between 10 and 40 acres was just over $1900 per acre with the average size being 30 acres. Farms from 40 to 100 acres sold for an average of under $1400 per acre and had an average parcel size of 71 acres and the 4 year average for large parcels of 100 acres or more is $830 per acres with the average size being 220 acres. Land sales can be a challenge so be sure and consult and expert when it's time to sell. You should be able to look at comparable sales from you area with similar qualities that will give you a good idea about what your land is worth.