Cibolo Realty's Blog

Turns out the horses were right (see previous post):

“The ongoing recession took its toll on Texas land markets in 2009,” said Dr. Charles Gilliland, research economist for the Real Estate Center at Texas A&M University. “Most rural land markets across the state pitted bargain-seeking buyers against unmotivated sellers. Fearing further financial turmoil and falling land values, bidders made offers well below asking prices.”

Sellers resisted offers lower than the asking price. After all, prices had gone up four straight years. Eventually, however, sellers in need of cash were forced to take sizeable discounts.

"The result was a profound drop in sales volume,” said Gilliland, “and there were fewer large properties being offered.”

Full article here.