Newsletter
Newsletter | 2024 Q2
There were 1,901 New Residential Construction Permits issued and 1,205 Recorded Subdivision Lots in Q2 2024. While new construction permits increased from 1,664, recorded subdivision lots fell from 1,678 last quarter. The healthy increase in building permits is expected following interest rate decreases this summer. The lower lot recording rate is reflecting regular seasonal trends in plat recordings.
CONTINUE READING >Newsletter | 2024 Q1
landproDATA reported 1,685 New Residential Construction Permits issued and 1,590 Recorded Subdivision Lots for Q1 2024. New residential permits, final plat lots and vacant lots are up from last quarter and trending upward compared to the same time last year indicating a positive trend in subdivision activity. The increase in new construction residential permits suggests a healthy building market, while the increased final plat lots suggest more areas are being approved for future subdivision projects.
CONTINUE READING >Newsletter | 2023 Year
A changing housing market in Idaho creates significant adjustments in building compared with 2022 year-end statistics. Submitted final plat lots and, recorded subdivision lots have decreased from 2022 by 30.3% and 14.5% respectively. Vacant lots and New Construction Building Permits have both increased by .8% and 12.7% respectively.
CONTINUE READING >Newsletter | 2023 Q4
There were 1,281 new residential construction permits issued and 2,140 new subdivision lots recorded in Q4 2023. The number of new construction permits saw a decline from 1,953 and recorded subdivision lots dropped from 1,575 in the previous quarter. Lots in the final plat phase also declined from 1,873 in Q3 to 1,243 in Q4. On the other hand, the count of vacant lots remained relatively stable from Q3 to Q4 last year.
CONTINUE READING >Newsletter | 2023 Q3
landproDATA reported 1,952 New Residential Construction Permits issued compared to 2,036 Recorded Subdivision Lots last quarter. In Q3 2023, the real estate and construction market displayed notable shifts. Submitted lots decreased from 1,758 in Q3 2022 to 1072 in Q3 2023 and recorded lots also fell with fewer recorded this quarter compared to the 3rd quarter last year. The YTD data for 2023 indicates a substantial 48% drop in submitted lots, with only 3,550 compared to 6,649 last year. Additionally, recorded lots declined, down to 4,469 in 2023 YTD from 5,751 in 2022 YTD, signaling a slowdown in subdivision projects. New construction permits have remained relatively stable, indicating a consistent issuance rate despite the overall activity increase in Q3. MLS sales of new homes closely mirror the previous year's data (3,558), with 3,561 sales in 2023, reflecting stability in new residential property sales.
CONTINUE READING >Newsletter | 2023 Q2
There were 1,706 New Residential Construction Permits issued and 1,239 Recorded Subdivision Lots in Q2 2023. While new construction permits increased from 1,139, recorded subdivision lots fell from 1,725 last quarter. Lots in the final plat phase continued to decrease with only 627 submitted this quarter. Vacant lots have also decreased suggesting that building in the valley is continuing.
CONTINUE READING >Newsletter | 2023 Q1
There were 1,173 New Residential Construction Permits issued and 1,864 Recorded Subdivision Lots in Q1 2023. While both showed an increase from last quarter, recorded lots were on par with Q1 2022 consistent with yearly trends. However, building permits are half of what there were this time last year contributing to the rising vacant lot inventory. New final plat lots continued to decrease with only 894 submitted this quarter.
CONTINUE READING >Newsletter | 2022 Year
A cooling Idaho housing market brings significant changes in building compared with 2021 year-end statistics. Submitted final plat lots, recorded subdivision lots and new construction building permits have all decreased from 2021. The increase in vacant lots is partially due to fewer new construction permits issued this year.
CONTINUE READING >Newsletter | 2022 Q4
According to landproDATA, Q4 2022 shows a slower housing market compared to previous quarters of low inventory coupled with increasing demand. Newly issued building permits sharply declined but note that MLS sales remained relatively stable throughout 2022.
CONTINUE READING >Newsletter | 2022 Q3
landproDATA reported 1,128 New Residential Construction Permits issued compared to 1,993 Recorded Subdivision Lots last quarter. Building permits and recorded lots have decreased since Q3 of 2021. A seasonal decrease is consistent with historical data however this decrease has been continuing since Q1 of 2022.
CONTINUE READING >Newsletter | 2022 Q2
Quarter 2 of 2022 has seen 1,772 New Residential Construction Permits issued compared to 1,994 Recorded Subdivision Lots. While Building Permits and Submitted Final Plat Lots have decreased compared to Q2 2021, landproDATA shows that the number of Recorded Subdivision Lots remains consistent with last year’s numbers at this time. Building Permits and MLS sales continue to trend together.
CONTINUE READING >Newsletter | 2022 Q1
Quarter 1 of 2022 has seen 1,800 new residential construction permits issued compared to 1,764 new subdivision lots recorded. Construction permits and new subdivision lots have seen a decrease from Q1 of 2021. This is a continued trend from the last half of 2021. However, vacant lots have seen a slight increase from Q4 of 2021. This could be attributed to slowing development during the winter season. Building remains strong and demand for new housing remains high.
CONTINUE READING >Newsletter | 2021 Year
Everyone anticipated the 2021 Idaho housing market to be fast and furious, yet in evaluating the 2021 year-end statistics, data shows that the pace of development stayed largely the same as in 2020.
CONTINUE READING >Newsletter | 2021 Q3
The 3rd quarter of 2021 issued 1,598 new residential construction permits compared to 2,066 new subdivision lots recorded. This boost in new subdivisions coupled with a decrease in building permits augments more vacant lots to the outstanding inventory for a net positive gain of 468 buildable lots.
CONTINUE READING >Newsletter | 2021 Q2
The 2nd Quarter of 2021 issued 2,214 new residential construction permits compared to 1,687 new subdivision lots recorded. This is a slight dip from the 1st Quarter as we see the laws of supply and demand of building materials in full swing.
CONTINUE READING >Newsletter | 2021 Q1
Quarter 1 of 2021 has seen 2,577 new residential construction permits issued compared to 1,968 new subdivision lots recorded. This level production of vacant lots helps maintain the running supply for regional construction. Across the state, U.S. Census statistics indicate that Idaho witnessed 17% growth between 2010 and 2020, with an increase of 271,524 people for a total of 1,839,106 residents in April 2020.
CONTINUE READING >Newsletter | 2020 Year
For the whole of 2020, 7,655 new lots vs. 9,557 permits indicates that residential developments and home construction activities maintained a winning balance this year. From our standpoint as data analysts, we appreciate the near-term sustainability of this dynamic. It supports a year-long forecast in which Ada and Canyon are poised for stable growth in 2021, with sufficient vacant lots supply to promote steady building.
CONTINUE READING >Newsletter | 2020 Q3
Recovering from second quarter shockwaves surrounding social shutdown, building permits activity in Q3 shot up considerably in an apparent effort to make up for lost time. 2,503 new residential construction permits issued during 2020 Q3 marks a noticeable deviation from the historical trend, where Q2 is typically the strongest quarter for construction and Q3 tapers off. With the relentless demand for housing that continues to sweep the Treasure Valley, and indeed all of Idaho, builders dove right back into the task at hand with remarkable zeal.
CONTINUE READING >Newsletter | 2020 Q2
With 2,119 new residential construction permits issued in during 2020 Q2, new home construction declined 25% across the Treasure Valley as compared with the same quarter of 2019. On a monthly basis, April and May were most notably impacted, with an uptick to more expected levels in June at various agencies. However the reduced supply of new homes continued to drive median prices up on both new and existing homes.
CONTINUE READING >Newsletter | 2020 Q1
With 2,591 new residential construction permits issued versus 1,870 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.
CONTINUE READING >Newsletter | 2019 Year
During Q4, 2,387 new residential construction permits were issued versus 1,956 new subdivision lots recorded, which means 2019 Q4 finally delivered a quarterly surplus of -431 lots. But for the whole of 2019, 5,518 new lots vs. 9,999 permits means there was a total annual deficit of -4,481 vacant residential lots for the year across the Treasure Valley. Thus we begin 2020 with only about 85% of the lots supply compared with one year ago at 2018 Year End.
CONTINUE READING >Newsletter | 2019 Q3
With 2,556 new residential construction permits issued versus 1,538 new subdivision lots recorded, 2019 Q3 delivered another deficit of -1,018 residential lots. As a result, the outstanding vacant lots supply dwindled further still to just under 6,200 residential lots in the Treasure Valley. Contrast this with four years ago, when there were nearly 9,000 oustanding vacant lots and construction was only 60% of current activity levels. It is also noteworthy that focus shifted toward building in Canyon county, where 2019 Q3 permits increased 47% over 2018 Q3, whereas Ada permits only increased 2.7% year-over-year.
CONTINUE READING >Newsletter | 2019 Q2
With 2,671 new residential construction permits issued versus 1,150 new subdivision lots recorded during 2019 Q2, the previous three months delivered another deficit of -1,521 residential lots. At this time, there is less than one year of outstanding inventory available for new home building. Unless an influx of new lots is injected into the marketplace via subdivision recordings, we are likely to see the pace of new home construction plateau for the medium-term future. Simply put, there are not enough new lots to support year-to-year acceleration in construction volumes.
CONTINUE READING >Newsletter | 2019 Q1
With 2,385 new residential construction permits issued versus 874 new subdivision lots recorded during 2019 Q1, the brief replenishment of vacant lots experienced at the end of 2018 was almost immediately tapped with a net reduction of 1,511 residential lots since January 1st. At this point, any new construction activity is following directly on the heels of the development process.
CONTINUE READING >Newsletter | 2018 Year
With 2,207 new residential construction permits issued versus 2,206 new subdivision lots recorded during 2018 Q4, the replenishment of vacant lots continues with a net gain of -1 new residential lots available for home building. In conjunction with the surplus of lots recorded in Q3, the development community provided a net gain of over 750 residential lots during 2018 to combat the decreasing supply of recent years. This boost will facilitate construction through 2019 as warmer months bring an increased seasonal pace.
CONTINUE READING >Newsletter | 2018 Q3
With 2,320 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 -278 residential lots available for home building.
CONTINUE READING >