By Gene And Katie Hamilton
UPDATED February 28, 2019
A house or condo is "flipped" if it’s sold for the second time within a 12-month period.
ATTOM Data Solutions, curator of the nation’s premier property database, recently released its Q4 and Year-end 2018 U.S. Home Flipping Report, which shows that 207,957 U.S. single family homes and condos were flipped in 2018, down 4 percent from the 216,537 home flips in 2017.
The total dollar volume of financed home flip purchases was $19,9 billion for homes flipped in 2018, up 8 percent. And the home flips completed in 2018 yielded an average gross profit of $65,000 (difference between median purchase price and median flipped sale price,) down 3 percent from an average gross flipping profit of $66,900 in 2017.
Denver, Providence, Seattle, San Diego and San Francisco had the highest percentage of 2018 completed flips purchased with financing of metro areas with at least 1 million people. Metro areas with the highest share of completed flips sold to all-cash buyer were Detroit, Birmingham, Jacksonville, Miami and Buffalo.
The average square footage of homes fliped was approximately 1,400 and the average time to flip a property was down slightly, taking 180 days to complete in 2018.
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Gene and Katie Hamilton are authors of Fix It and Flip It (second edition) published by McGraw-Hill available wherever books are sold.