Average farmland price was well up in Longford in 2020 but on the back of a drastically lower supply of farms and land. Average price rose to €9,258/ac, an increase of almost €1,850/ac. Looking at that increase, you could argue that those who did sell last year picked the right year.
The number of farms offered on the market was just 14, down from 26 in 2019.
What’s more, many of these farms were small and the total area put up for sale was just 581ac. That wasn’t even half of the total offered the year before.
Of the 14 farms offered for sale, eight sold, mostly by private treaty. Two farms were put up for auction, one of them selling, the other not selling.
Holdings of under 40ac made considerably more per acre. Average price was €9,646/ac while the average for the holdings of over 40ac was far lower at €6,542.
The range in selling prices was from €4,333/ac to €16,745/ac and the value of all land sold was €2.2m.
The most active category of buyer in 2020 was “beef”. This includes suckler farmers and beef finishers. They bought 57% of farms sold. Business people bought 29% and sheep farmers 14%.
A 14.9ac holding at Drumnacross, Ballinalee, was withdrawn from auction but sold immediately after. It sold for a price understood to be over €16,000/ac and that was the best price seen in the county in the year.
Just three of the other seven holdings that sold before year end made over €10,000/ac.
*Based on 8 transactions