The hammer dropped June 24 shortly after 6 p.m. on five farms totaling 640 acres that were offered for sale in an online auction event in Woods County, Oklahoma.
Results of the auction prove strong values continue for agricultural land in rural areas of northwest Oklahoma despite marginal crop yields, higher input costs and rising interest rates. Investing in agricultural land continues to be one of the safest places to park your money in times of inflation and economic uncertainty.
These farms were a mixture of cultivated cropland and native grass pasture ranging in size from 80 to 160 acres each. Sales from the event produced total contract prices of $1,350,200 (an average of $2,110 per acre). Participants included registered bidders from 11 states and international buyers from Australia.
The auction was conducted through a team of professional auctioneers in what some might view as a high-end concierge service. Bidders were allowed the ability to bid absentee through their computers, cell phones and iPads without having to attend the event. One bidder competed from his cell phone while driving a tractor. Some bidders were feeding cattle, others were in the comfort of their homes and offices actively competing for the winning bids.
The auction event was performed as a co-marketing effort by Heritage Brokers and Auctioneers and Hunting Country Real Estate—partners of UC Ranch Properties, a division of United Country Real Estate. These brokerages are led respectively by Shawn and Shane Terrel. The Terrel brothers have collectively performed over 3,000 successful auctions, including live event, simulcast, and online-only events driven by the most up-to-date technology. The Terrel brothers are also the founders and co-owners of the website MineralMarketing.Com, a national marketing platform for American oil and gas assets.
By embracing the most up-to-date technology available, auctioneers are providing more efficient services to their clients and customers. This technology is having noticeable effects on the farm and ranch sector, including the way that farmland is marketed at public auction. It is also providing a larger buyer base of competing bidders on a national and international basis.
