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Approximately 43,197 single-family homes and condominiums were flipped in the third quarter of 2015, accounting for 5 percent of all single-family home and condo sales during that period, according to a recent report released by RealtyTrac.
The third quarter share is down 7 percent from a 5.4 percent share in the second quarter, but up 18 percent from a 4.3 percent share in the third quarter of 2014 – when the share of U.S. homes flipped hit the lowest quarterly level going back to the first quarter of 2000, the earliest RealtyTrac has data on flipped homes.
“After curtailing flipping activity last year due to slowing home price appreciation and shrinking inventory of flip-worthy homes, real estate investors have started to jump back on the flipping bandwagon in 2015,” Daren Blomquist, vice president of RealtyTrac, said in a statement.
The average gross flipping profit was $62,122 for completed home flips in the third quarter, which is down slightly from an average gross flipping profit of $62,521 in the second quarter but up slightly from an average gross flipping profit of $61,781 in the third quarter of 2014.
The average gross return on investment (ROI) was 33.8 percent for completed home flips in the third quarter, down from 34.4 percent in the previous quarter, but up from 32.7 percent in the third quarter of 2014.
The top five counties found for flipping to Millennials were Philadelphia County, Pennsylvania; Saint Louis City, Missouri; Baltimore City, Maryland; Cumberland County, North Carolina and Kings County, New York, all five of which had average gross flipping profits in the third quarter of 63 percent or more.
The top five counties which were most successful in flipping to Baby Boomers were all in Florida: Charlotte and Hernando counties in southwest Florida, and Volusia, Brevard and Marion counties in central Florida.
States with highest share of home flipping as a percentage of all single-family home and condo sales were Nevada (8.4 percent), Florida (7.9 percent), Alabama (7.5 percent), Arizona (6.9 percent) and Tennessee (6.6 percent).
States with the highest average gross flipping ROI on completed property flips in the third quarter were Pennsylvania (57.2 percent), Illinois (54.0 percent), Maryland (53.6 percent), Rhode Island (48.1 percent) and Louisiana (47.9 percent). The District of Columbia also posted a high average gross flipping ROI of 55.9 percent in the third quarter.
