Home Flipping Hits 10-Year High: What’s Happening In Phoenix?
In 2016, the number of houses and condos flipped nationwide hit a 10-year high. According to research compiled by ATTOM Data Solutions, 193,009 single-family homes and condos were flipped. In metro Phoenix, there were 7,518 flips, which means a home was sold twice within a one-year period.
The flipping rate for the Valley was 8 percent last year, above the national average of 5.7 percent, but below large metro areas like Memphis (11.7 percent) and Tampa (10.01 percent). In 2005, Phoenix’s flipping rate peaked at 15.9 percent.
“Back in 2010 and even 2012, the flipping rate in Phoenix got up to as high as 14 percent, but it’s come back down from that,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “The flippers basically realized they were priced out of the Phoenix market and they weren’t finding as many good deals.”
He said last year’s average gross profit for a flipped home in Phoenix was $48,000, which doesn’t include money put into the property. The median year of a flipped Phoenix home was 1984, compared with 1979 nationwide. The average size was 1,610 square feet in Phoenix and 1,422 nationwide.
See the hottest home flipping ZIP codes here.
See the states with the biggest flipping profits here.