Commodity prices spark Arizona farmland values

One of the best examples of the economic recovery underway in Arizona agriculture since the onset of the Great Recession is increasing farmland values in Pinal County, located in the state’s south central area. Pinal County was one of Arizona’s hardest economically hit counties during the recession. Arizona was the second fastest-growing state in the nation behind Nevada prior to the nation’s economic meltdown. The recession in part led to a whopping depreciation in Pinal County farmland values of 80 percent to 90 percent range on average. “There were farmland sales in Pinal County’s south Eloy area priced at over $20,000 per acre during the boom, while the sales at the bottom were in the $2,000 to $3,000 range,” says Steve Pendleton, appraiser and broker with Southwest Ag Services based in Mesa, Ariz.

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