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One in Four Homes Sold in Ward 7 Were Flips
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While fewer homes are being flipped at slimmer profit margins nationwide, things are largely going in the opposite direction in the DC area.
The latest report from ATTOM Data Solutions on the national home flipping market reveals that gross profits are at the lowest level since 2011, and 5.2 percent fewer homes were flipped in the second quarter of this year than a year ago. In the DC area, however, while the number of flips (1,321) are flat year-over-year, profits have increased 5 percent to $122,512.
For DC proper, flipped homes accounted for 8.7 percent of homes sold in the second quarter and the gross profit was $195,000, a 58 percent return on investment (ROI). The only jurisdiction in the immediate DC area which had more profitable flips was Alexandria, where flips accounted for 4.4 percent of homes sold and grossed a profit of $202,000, a slimmer 47 percent ROI.
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Within the District, there are only five zip codes where more than ten homes were flipped during the second quarter of this year: 20019 (36 flips), 20011 (27 flips), 20020 (24 flips), 20002 (13 flips), and 20032 (11 flips). In the 20019 zip code, which covers much of Ward 7 north of Pennsylvania Avenue, one in four homes sold last quarter were flips, grossing a profit of $192,450 with a 91.6 percent ROI. In the 20011 zip code, which includes the Northeast and Northwest neighborhoods of Petworth, Fort Totten and 16th Street Heights, 13 percent of homes sold last quarter were flips, grossing the city's highest profit of $325,000 and a 79 percent ROI.
The 20002 zip code, covering Trinidad, NoMa and the H Street Corridor, offers the lowest ROI citywide, grossing 28.2 percent on a profit of $125,560. The number of flips are decreasing in both 20011 and 20002, however, dropping by 13 and 45 percent respectively year over year.
Note — For the purposes of this study, a "flip" is any residential unit sold twice within 12 months. 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/one-in-four-homes-sold-in-ward-7-were-flips-in-q2-2019/15903.
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