Green Brick Partner’s Average Sales Price of Homes (2016-2021)

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This statistic highlights Green Brick Partner’s Average Sales Price of Homes, reported on a quarterly basis from Q1 2016 onwards.
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This statistic highlights Green Brick Partner’s Average Sales Price of Homes, reported on a quarterly basis from Q1 2016 onwards.

Green Brick Partners’ Average Sales Price

This table shows Green Brick Partners’ Average Sales Price of Homes Delivered historically:

Item Q3 2020 Q2 2021 Q3 2021
Average Sales Price of Homes Delivered $421.70 $438.90 $458.10

(All figures in thousands)

The company’s key financial and operating metrics are obtained from executed sales contracts after reducing the number of sales contracts canceled during the applicable period. These sales contracts include the average sales price of homes delivered, home deliveries, net new home orders, and home closings revenue.

This statistic highlights Green Brick Partner’s Average Sales Price of Homes Delivered from Q1 2016 onwards, on a quarterly basis.

The average sales price of homes delivered increased from $421.7 thousand in Q3 2020 to $458.1 thousand in Q3 2021, attributable to an increase of about 8.63% or $36.4 thousand, on a year-on-year basis. This increase in average price was primarily due to the overall price increase caused by rising demand and scarcer supply of inventory. Furthermore, the average sales price of homes delivered observed an upward trajectory of about 4.37% or $19.2 thousand compared to the price in Q2 2021. Altogether, the growth in the average sales price of homes delivered and new homes delivered, contributed to a 28.4% or $75 million increase in the company’s residential units revenue in Q3 2021.

During the COVID-19 pandemic, the government imposed certain restrictions such as social distancing guidelines and stay-at-home orders which, in turn, led to disruptions in various segments of the economy. Regardless, the company continued its home building, closing, and selling operations in the markets. However, due to uncertainty caused by the COVID-19 pandemic, the company’s net new home orders dramatically reduced in late March and April 2020. After that, during Q2 and Q3 in 2020, the company’s sales accelerated with an upsurge of 88.8% and 43.7% compared to the corresponding periods in the prior year, respectively. The main driver for the attributable growth was the remarkable performance of the company’s Trophy brand division. In addition, various other factors also contributed to the company’s sales growth, such as growth in average selling communities, low-interest rates, growth in millennial first-time home buyers, and demand from apartment dwellers for suburban homes in response to COVID-19.

Due to increased demand for homes, accordingly, the demand for labor, raw material, products, and appliances for new homes will also get raised. On account of this, the company is facing and expects to continually face an increase in costs, shortages, significant extension in the time period for delivering the key materials and inputs, and a decrease in the availability of skilled labor.

About the Company

Green Brick Partners Incorporation deals in diverse homebuilding and land development process. Incorporated in 2006, the company’s headquarter is located in Plano, Texas. The company’s key operating regions include Texas and Atlanta, U.S. metropolitan areas of Dallas-Forth Worth (“DFW”), Georgia, Treasure Coast, and Florida. It currently controls about 14,500 home sites. It operates through its three reportable segments namely Builder operations Central, Builder operations Southeast, and Land development. The company generates most of its revenue from the Builder operations Central segment. The company’s common stock is traded on both New York Stock Exchange “NYSE” and “NASDAQ” stock exchange under the ticker symbol “GRBK”. Some of the primary competitors of Green Brick Partners are Dreams Finders Homes (DFH), Meritage Homes (MTH), M/I Homes (MHO), KB Home (KBH), and Hovnanian Enterprises (HOV).

The average sales price of homes delivered increased from $421.7 thousand in Q3 2020 to $458.1 thousand in Q3 2021, marking an increase of about 8.63% or $36.4 thousand, on a year-on-year basis. This increase in average price was primarily due to the overall price increase caused by rising demand and scarcer supply of inventory. Furthermore, the average sales price of homes delivered observed an upward trajectory of about 4.37% or $19.2 thousand compared to the price in Q2 2021. Altogether, the growth in the average sales price of homes delivered and the number of new homes delivered, contributed to a $75 million increase in the company’s residential units revenue in Q3 2021.

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