ATTOM Data Solutions recently released its Q4 2018 Year-End Home Flipping Report. ATTOM’s report indicated that 207,957 single-family homes and condominiums were flipped in all of 2018, down -4% from the year 2017, and representing 5.6% of all single-family and condo sales in 2018.
Interestingly, though down in terms of numbers of flipped units, the total dollar volume of financed flipped purchases was up +8% from $18.5B in 2017 to $19,9B in 2018. This $19.9B represents the highest level of financed flipped purchases since 2007.
Cities with the highest home flipping rate in 2018 included…
- Memphis TN– 29.5% of ALL home sales in 2018
- Donna TX
- Miami FL
- Washington DC
- Jamaica NY
- Baton Rouge LA
- Compton CA
- Phoenix AZ
With an average gross profit of $65,000 (an average ROI of 44.8%), down -3% of $66,900 in 2017, flipped units in these cities with these specific zip codes generated the greatest gross profits:
- 90291 – Los Angeles – $906,000
- 94303 – San Jose – $769,000
- 90046 – Los Angeles – $755,000
- 98004 – Seattle – $720,000
- 91403 – Los Angeles – $624,000
- 37215 – Nashville – $595,000
- 95050 – San Jose – $519,500
Cities with the highest average gross flipping ROI in large markets included:
- Philadelphia – +109.0%
- Baltimore – +103.5%
- Buffalo – +96.2%
- Memphis = +86.5%
- Cincinnati – +84.2%
The highest average gross flipping ROI in smaller markets included:
- Pittsburg – +144.2%
- Scranton – +131.7%
- Atlantic City – +113.2%
- Cleveland – +112.1%
- Erie – +109.3%
The highest share of flipping purchases to all cash buyers happened in these cities:
- Detroit – 48.8%
- Birmingham – 42.4%
- Jacksonville – 39.8%
- Miami – 38.3%
- Buffalo – 38.0%
Cities with the highest increase of flipping included
- Boston – +33.3%
- Tucson – +27.3%
- Raleigh – +24.5%
- Columbus – +13.1%
- Hartford – +12.8%
Cities with the largest decrease of flipping included
- Kansas City – -25.2%
- Buffalo – -17.5%
- Indianapolis – -16.3%
- Seattle – -15.9%
- Salt Lake City – -14.0%
