Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregation of Revenue

The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition (in thousands):

	Years Ended December 31,
	2021				2020				2019
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
Primary Geographical Market
Central	$	938,052	$	66,613	$	644,976	$	43,788	$	396,900	$	31,080
Southeast	371,635		26,576		285,200		2,057		362,930		750
Total revenues	$	1,309,687	$	93,189	$	930,176	$	45,845	$	759,830	$	31,830
Type of Customer
Homebuyers	$	1,309,687	$	—	$	930,176	$	—	$	759,830	$	185
Homebuilders and Multi-family Developers	—		93,189		—		45,845		—		31,645
Total revenues	$	1,309,687	$	93,189	$	930,176	$	45,845	$	759,830	$	31,830
Product Type
Residential units	$	1,309,687	$	—	$	930,176	$	—	$	759,830	$	—
Land and lots	—		93,189		—		45,845		—		31,830
Total revenues	$	1,309,687	$	93,189	$	930,176	$	45,845	$	759,830	$	31,830
Timing of Revenue Recognition
Transferred at a point in time	$	1,305,620	$	93,189	$	923,901	$	45,845	$	752,273	$	31,830
Transferred over time	4,067		—		6,275		—		7,557		—
Total revenues	$	1,309,687	$	93,189	$	930,176	$	45,845	$	759,830	$	31,830

Revenue recognized over time represents revenue from mechanic’s lien contracts.

Contract Balances

Opening and closing contract balances included in customer and builder deposits on the consolidated balance sheets are as follows (in thousands):

	December 31, 2021		December 31, 2020
Customer and builder deposits	$	64,610	$	38,131

The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customer’s payment of a deposit and the Company’s performance, impacted slightly by terminations of contracts. 

The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the years ended December 31, 2021 and 2020 are as follows (in thousands):

	2021		2020
Type of Customer
Homebuyers	$	29,313	$	14,149
Homebuilders and Multi-Family Developers	2,126		5,929
Total deposits recognized as revenue	$	31,439	$	20,078

Performance Obligations

There was no revenue recognized during the years ended December 31, 2021, 2020 and 2019 from performance obligations satisfied in prior periods.

Transaction Price Allocated to Remaining Performance Obligations

The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $8.9 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur as follows (in thousands):

2022	$	6,095
2023	2,784
Total	$	8,879

The timing of lot takedowns is contingent upon a number of factors, including customer needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules.

Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606 and has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.