And setting value goes much further than just commodity type. Rudolf said he knows of a local real estate office that has 150 more farm and ranch listings than last year at this time and there s little buyer activity. In the central San Joaquin Valley, several poorer-quality orchards were listed for sale at prices reflective of market conditions that existed several years ago, but sold at the end of 2000 at prices near open, irrigated land values. Buyers think prices are too high and that they haven t hit bottom yet, Rudolf said. That typically happens with all kinds of real estate.
Buyers wait to see how prices are trending.
I don t want to make the current market sound all bad. California agriculture is not going out of business. We re just going to need to make adjustments and changes. Row and field crop land with district water, however, increased slightly in value over 1998 prices. It could be a rough ride in Fresno and Madera, Fresno appraiser Richard Bambauer said.