Brief Lots Replenishment

With 1,786 new residential construction permits issued versus 1,867 new subdivision lots recorded during 2020 Q1, another minor replenishment of vacant lots provides reprieve to the intensive housing demand that has steadily chipped away at our outstanding vacant lots supply.

Of course there is also diminished economic activity to contend with, as evidenced by relatively fewer issued permits across many agencies during the month of March. However that is not a universal trend - the cities of Star and Eagle approached record permits during March 2020, and elsewhere construction has certainly not halted. Overall, land development is still underway at a reasonable pace considering present social hindrances, and the industry appears optimistic to meet continued demand for housing with new product during the warmer season.

In fact, MLS Sales Statistics for 2020 Q1 reports one of the highest volume of new construction sales from recent history, and an 8% increase in median price to boot! As displayed by the yellow line above, there has been strong buyer activity to initiate the new year.

So despite unusual circumstances affecting our interconnected communities, builders are still under pressure to deliver new supply to a receptive marketplace. With reduced availability of land in Ada county, we continue to forecast that Canyon will receive greater attention. Likewise other areas of the state are sure to see accelerated growth. To that end, landproDATA now boasts 9 counties with documents coverage for Subdivisions, Records of Surveys, and Corner Records: Ada, Canyon, Payette, Gem, Twin Falls, Blaine, Bingham, Bannock, and Kootenai, with continued expansion underway throughout Idaho and beyond.

As a final point of analysis, our increasingly comprehensive tracking of new Developments in Ada and Canyon counties has revealed valuable insight into the inventory of "pending” lots. Our data indicates that approximately:

• 9,300 lots have been submitted as Final Plats. These are likely to be recorded within the next 18 months.
• 17,500 lots have been approved as Preliminary Plats, but have not yet been submitted as Final Plats. These are likely project phases which will become final plats within the next few years.
• 11,500 lots have been submitted to lead agencies for review but have not yet been approved.

These numbers suggest that although active vacant lots supply has been steadily diminishing for years, the reserve of upcoming lots in the pipeline will sustain progress in housing construction activities for the foreseeable future. landproDATA Professional Users can view and search these Developments on our GIS map to see activity throughout the Treasure Valley.