A major, farmland auction in the valley today, showed that record setting farmland prices remain high, despite a dip in commodity prices.
A survey released this week showed North Dakota land prices rose a staggering 42-percent last year and it doesn't appear they're dropping anytime soon.
Andy Gudajtes, Farmers National Company: "Last fall, a lot of the Counties had seen the highest sales. Since then, there just hasn't been a lot of sales and we're kind of wondering where the market is."
Jayson Menke, Farmers National Company: "We've talked to quite a few people up and down the Valley in the past couple of days and this will kind of determine where we're at."
Up for sale at an auction at the Grand Forks Alerus Center were 15-hundred acres of farmland in 9 separate locations around the northern valley.
Realtors say the average price of farmland around here was 5 to 6-thousand dollars an acre, last fall.
Auctioneer: "Sold…. $485,000…"
And despite a drop in commodity prices this year, land continued to sell at around 6-thousand dollars an acre today.
Terry Longtin, Farmers National Company: "Most regions I would say… values are about the same."
Reporter: "No big drop in land prices yet?"
Longtin: "No. I would agree there isn't."
One of today's buyers says he's not expecting any big drop in land prices.
Wayne Thoreson, Farmer: "They might drop, but I think it's just going to be a blurb. I can see them going up. But, I think they're going to remain stable for a little while."
Stable, at what are now the highest farmland prices in history.
Realtors say rumors that outside interests and corporations are buying up area farmland just aren't true. They say State laws prohibit corporations from purchasing farmland as an investment.