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Revenue Recognition | 12 Months Ended
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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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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