Revenue Recognition

6 Months Ended

Jun. 30, 2019

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 for the three months ended June 30, 2019 and 2018 (in thousands):

	Three Months Ended June 30, 2019				Three Months Ended June 30, 2018
	Builder Operations		Land Development		Builder Operations		Land Development
Primary Geographical Market
Central	$	79,168	$	8,452	$	68,892	$	10,692
Southeast	95,886		—		77,288		440
Total revenues	$	175,054	$	8,452	$	146,180	$	11,132
Type of Customer
Homebuyers	$	175,054	$	—	$	146,180	$	440
Homebuilders	—		8,452		—		10,692
Total revenues	$	175,054	$	8,452	$	146,180	$	11,132
Product Type
Residential units	$	175,054	$	—	$	146,180	$	—
Land and lots	—		8,452		—		11,132
Total revenues	$	175,054	$	8,452	$	146,180	$	11,132
Timing of Revenue Recognition
Transferred at a point in time	$	172,490	$	8,452	$	143,878	$	11,132
Transferred over time	2,564		—		2,302		—
Total revenues	$	175,054	$	8,452	$	146,180	$	11,132

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

The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the six months ended June 30, 2019 and 2018 (in thousands):

	Six Months Ended June 30, 2019				Six Months Ended June 30, 2018
	Builder Operations		Land Development		Builder Operations		Land Development
Primary Geographical Market
Central	$	163,593	$	15,482	$	141,338	$	14,691
Southeast	173,049		10		126,106		4,340
Total revenues	$	336,642	$	15,492	$	267,444	$	19,031
Type of Customer
Homebuyers	$	336,642	$	—	$	267,444	$	440
Homebuilders	—		15,492		—		18,591
Total revenues	$	336,642	$	15,492	$	267,444	$	19,031
Product Type
Residential units	$	336,642	$	—	$	267,444	$	—
Land and lots	—		15,492		—		19,031
Total revenues	$	336,642	$	15,492	$	267,444	$	19,031
Timing of Revenue Recognition
Transferred at a point in time	$	331,723	$	15,492	$	264,244	$	19,031
Transferred over time	4,919		—		3,200		—
Total revenues	$	336,642	$	15,492	$	267,444	$	19,031

Contract Balances

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

	June 30, 2019		December 31, 2018
Customer and builder deposits	$	31,578	$	31,978

The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits 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 six months ended June 30, 2019 and 2018 are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Type of Customer
Homebuyers	$	7,180	$	5,423	$	9,840	$	7,016
Homebuilders	857		5		1,682		236
Total deposits recognized as revenue	$	8,037	$	5,428	$	11,522	$	7,252

Performance Obligations

There was no revenue recognized during the six months ended June 30, 2019 and 2018 from performance obligations satisfied in prior periods.

Transaction Price Allocated to the Remaining Performance Obligations

The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $60.1 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):

	Total
Remainder of 2019	$	21,410
2020	27,871
2021	10,865
Total	$	60,146

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, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.