DATUM Newsletter - 2018 Q3


2018 Q3 Residential Statistics

Submitted
Final Plat
Lots*
Recorded
Subdivision
Lots
Building
Permits
Recorded
Surveys
Vacant
Lots
IDAda691164811201215270
IDCanyon5403944321152125

* Submitted Lots data may be delayed depending on each agency's reporting process.

Long-Awaited Vacant Lots Replenishment

With 1,552 new residential construction permits issued versus 2,042 new subdivision lots recorded during 2018 Q3, a long overdue replenishment of our dwindling vacant lots supply netted a gain of 490 residential lots available for home building.

Treasure Valley Residential Construction by Quarter
Submitted Plat Lots*, Recorded Lots, Permits, & MLS Sales**

* Submitted Lots data may be delayed depending on each agency's reporting process.

** MLS Sales Data—Intermountain Multiple Listing Service, Inc. (http://publicstats.intermountainmls.com/static/staticreports.aspx)

As seen in the green line above, a decline in 3rd quarter building activity is expected as a seasonal trend. But the recent drop was much sharper than in previous years, and could be the result of various factors that affect construction rates. That said, a tightening bottleneck on construction was predicted in previous quarter analyses based purely on supply and demand reasoning.

Aside from the exception of a blue-line spike in 2016 Q4, vacant lots have been consistently consumed at a greater speed than new subdivisions have replenished during each quarter. As the supply of vacant lots dwindles, new challenges inevitably arise that thwart the streamlined production opportunities of a market with more abundant inventory.

From the consumer side, a decline in MLS new home sales in Q3 versus Q2 diverges from previous seasonal trends, as shown by the yellow line. But a brief survey of MLS Sales Statistics shows increasing average and median prices all year long, as well as fewer Days on Market. Moreover, the volume of Existing Homes sold was largely unchanged between Q2 and Q3. These together suggest that buyer demand remains high, but reduced construction rates impacted the availabilty of new homes and consumption was forced to slow as well.

All in all, land development timelines and the reducing vacant lots supply appear to have influenced downstream market events this quarter. As winter now contributes to construction slowdowns and lighter buyer demand, the development community has a window of opportunity to prepare new lots before Spring of 2019 kicks construction back into high gear.

2018 Q3 Residential Lots
Submitted vs. Recorded vs. Permits

* Submitted Lots data may be delayed depending on each agency's reporting process.


2018 Q3 Statistics

Top Builders

Ada
BuilderNew Residential Permits

Corey Barton Homes, Inc.

133

Toll Bros., Inc.

79

Hubble Homes, LLC

62

Hayden Homes Idaho, LLC

49

Blackrock Homes LLC

47

Brighton Homes

46

Riverwood Homes, Inc.

34

Biltmore Company LLC

30

Alturas Homes, LLC

25

Hunter Homes, Inc.

24

Others

591

Total

1120

Canyon
BuilderNew Residential Permits

Corey Barton Homes, Inc.

124

Hubble Homes, LLC

78

Perryman Construction Management Inc.

28

Toll Bros., Inc.

24

Amh Development, LLC

11

Hayden Homes Idaho, LLC

9

Biltmore Company LLC

7

Tresidio Corporation

6

Brookstone Custom Homes

6

Sunset Homes Inc.

5

Others

134

Total

432


Top Surveyors

Ada
SurveyorLots - ResidentialLots - Total

Gregory G Carter

617

703

Michael S Byrns

236

273

Clinton W Hansen

164

189

Aaron L Ballard

126

150

Carl Porter

121

130

Michael H Celt

53

59

Cody McCammon

50

54

Travis P Foster

40

44

Kelly S Kehrer

35

53

James R Washburn

31

48

Others

175

244

Total

1648

1947

Canyon
SurveyorLots - ResidentialLots - Total

Gregory G Carter

120

131

Michael S Byrns

91

102

Travis P Foster

49

56

Richard A Gray

38

43

Jeff Beagley

33

41

Kevin N Sorensen

22

24

Darin A Holzhey

18

22

Fritz Brownell

13

14

Thomas J Wellard

4

5

Kenneth H Cook

4

4

Others

2

3

Total

394

445


Top Engineer Firms

Ada
Engineer FirmLots - ResidentialLots - Total

Bailey Engineering, Inc.

249

289

J-U-B Engineers, Inc.

236

273

Civil Innovations, PLLC

192

217

RiveRidge Engineering Company

165

183

CK Engineering, PC

146

165

KM Engineering, LLP

114

146

Civil Site Works LLC

108

118

Horrocks Engineers, Inc.

90

96

Land Group, Inc. (The)

78

105

WHPacific, Inc.

62

70

Others

208

285

Total

1648

1947

Canyon
Engineer FirmLots - ResidentialLots - Total

J-U-B Engineers, Inc.

91

102

Bailey Engineering, Inc.

59

64

WHPacific, Inc.

49

56

CK Engineering, PC

32

34

Rennison Engineering

31

39

T-O Engineers, Inc.

22

24

Mason & Associates, Inc.

17

20

Horrocks Engineers, Inc.

13

14

Aspen Engineers, Chartered

7

7

None Listed

2

2

Others

71

83

Total

394

445


Record Of Survey

Ada
Surveyor FirmSurveys

Accurate Surveying & Mapping, P.C.

22

Fox Land Surveys, Inc.

15

Idaho Survey Group, LLC

10

Tealey's Land Surveying

9

B & A Engineers, Inc.

7

Marks Land Surveying, Inc.

6

Sawtooth Land Surveying, LLC

6

J-U-B Engineers, Inc.

5

J.J. Howard Engineering and Surveying

5

Eagle Land Surveying, LLC.

4

Others

32

Total

121

Canyon
Surveyor FirmSurveys

Skinner Land Survey Co., Inc.

23

Mason & Associates, Inc.

9

Compass Land Surveying, PLLC

8

David Evans and Associates, Inc.

8

Sawtooth Land Surveying, LLC

7

Eagle Land Surveying, LLC.

6

Timberline Surveying PLLC

6

Idaho Survey Group, LLC

5

T-O Engineers, Inc.

5

Fox Land Surveys, Inc.

4

Others

34

Total

115


CPF

Ada
Surveyor FirmSurveys

Sawtooth Land Surveying, LLC

16

Idaho Survey Group, LLC

6

Civil Survey Consultants, Inc.

3

J-U-B Engineers, Inc.

3

Accurate Surveying & Mapping, P.C.

2

Fox Land Surveys, Inc.

1

KM Engineering, LLP

1

Land Solutions, Land Surveying and Consulting, PC

1

Others

0

Total

33

Canyon
Surveyor FirmSurveys

Sawtooth Land Surveying, LLC

9

Idaho Survey Group, LLC

8

T-O Engineers, Inc.

8

Horrocks Engineers, Inc.

5

Skinner Land Survey Co., Inc.

3

WHPacific, Inc.

3

Atlas Land Surveying

1

Fox Land Surveys, Inc.

1

J-U-B Engineers, Inc.

1

Others

0

Total

39


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