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More Flips, Less Profit: The Latest on the DC Flipping Market
A new report on the home flipping market shows that profits for flips around the country continue to decline despite flipped homes accounting for the largest share of sales nationwide since 2010.
During the first quarter of 2019, 7.2 percent of homes sold were flips, which the report defines as a listing sold twice within 12 months. In DC proper, 9.4 percent of homes sold in the first quarter were flips, an 18 percent drop compared to a year prior.
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The DC area is not exempt from the nationwide narrative of falling flipping profits, with the gross profit of $115,000 seen in the first quarter of this year slightly lower than the $117,758 profit seen in the first quarter of 2018. Despite healthier-than-typical profits in DC proper, the profit drop is even more pronounced, going from $194,250 in the first quarter of 2018 to $163,250 in the first quarter of this year. In terms of the gross return on investment (ROI), DC flippers enjoyed an ROI of 73.6 percent a year ago, but only 47.3 percent during the first quarter of this year.
Note -- This study does not factor in renovation costs when calculating the ROI, although experienced flippers estimate those to be anywhere from 20-33 percent of the original purchase price.
See other articles related to: attom data solutions, flipping, flipping homes, house flipping
This article originally published at https://dc.urbanturf.com/articles/blog/more-flips-fewer-profits-the-latest-on-the-flipping-market/15513.
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