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| Daren Blomquist |
IRVINE, CA —
ATTOM Data Solutions, curator of the nation’s largest multi-sourced property
database, released its Q3 2017 U.S. Home Flipping Report, which shows that
single family homes and condos flipped in the third quarter yielded an average
gross flipping profit of $66,448 per flip, representing an average 47.7 percent
return on investment for flippers — down from 48.7 percent in the previous
quarter and down from 51.2 percent in Q3 2016 to the lowest average gross
flipping ROI since Q2 2015.
The report also shows that 48,685 single
family homes and condos were flipped nationwide in the third quarter, a home
flipping rate of 5.1 percent — down from 5.6 percent in the previous quarter
and unchanged from a year ago.
Year-to-date
through the third quarter of 2017 a total of 153,727 single family homes and
condos nationwide have been flipped, nearly equal with the 153,854 flipped
through the first three quarters of 2016, when the number of homes flipped
increased to a 10-year high.
“Home flipping profits continue to be squeezed
by a dwindling inventory of distressed properties available to purchase at a
discount and increasing competition from fair-weather home flippers often
willing to operate on thinner margins,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
“A more than
nine-year low in the ratio of flips per investor is evidence of this increased
competition, which is pushing many investors to new metro areas that often have
weaker market fundamentals but also come with a bigger supply of discounted
distressed properties to flip.”
For more information on this news
release, please contact:
Jennifer von Pohlmann
Office: 949-502-8300 ext 139
