Newsletter | 2020 Q2

2020 Q2 Residential Statistics

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

Diminished Activity

With 1,530 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.

Looking forward, developers are still pushing their planned lots through city approval processes, despite challenges arising from reduced public interaction. Overall, current statistics of new Developments in Ada and Canyon counties reveal that approximately:

• 10,500 lots have been submitted as Final Plats. These are likely to be recorded within the next 18 months.
• 18,200 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.
• 14,000 lots have been submitted to lead agencies for review but have not yet been approved.

As we have observed vacant lots dwindling at an unsustainable rate for the past few years, this reserve of upcoming lots in the pipeline has waylaid concerns about the longevity of existing market conditions. Current events notwithstanding, housing construction activities look promising for the foreseeable future. Upcoming developments will be able to meet pace with the ever-increasing demand for Treasure Valley homes.

Don't forget! landproDATA Professional Users can view and search these Developments on our GIS map to see activity throughout the Treasure Valley.