While Memphis, Tenn., had the greatest share of flipped properties (quantity of flipped home sales as a portion of all home sales) in first quarter 2016 and then Fresno, Calif., Lakeland-Winter Haven, Florida, came in third, according to CoreLogic data on the 86 largest U.S. metro areas. While a Florida metro area took the No. 3 spot, the state has the highest overall flipping activity. Seven of the top 10 markets on CoreLogic’s flipping list and eight of the top 20 markets are all in Florida.
The median gross profit per property flip ranges from the lowest of $23,430 in Birmingham-Hoover, Ala., to $124,000 in San Jose-Sunnyvale-Santa Clara, Calif. However, as a percentage, the median gross profit is simply 20.2 percent in San Jose-Sunnyvale-Santa Clara – and a high of 68.4 percent in Chicago-Naperville-Arlington Heights, Ill.
Want to flip a house? Do it in Florida
CoreLogic’s top 20 metro areas for property flips
City and rank – percent of sales which are flips – median gross profit – average days to flip
1. Memphis, Tenn. – 8.8% of sales – 55.6% profit – 111 days
2. Fresno, Calif. – 8.43% of sales – 44.8% profit – 147 days
3. Lakeland-Winter Haven – 7.54% of sales – 50.6% profit – 138 days
4. Virginia Beach-Norfolk-Newport News, Va. – 7.38% of sales – 59.5% profit – 160 days
5. Miami-Miami Beach-Kendall – 6.85% of sales – 40.2% profit – 146 days
6. Tampa-St. Petersburg-Clearwater – 6.80% of sales – 56.6% profit – 154 days
7. Orlando-Kissimmee-Sanford – 6.80% of sales – 44.4% profit – 146 days
8. Deltona-Daytona Beach-Ormond Beach – 6.74% of sales – 50.0% profit – 149 days
9. Fort Lauderdale-Pompano Beach-Deerfield Beach – 6.60% of sales – 39.6% profit – 144 days
10. Palm Bay-Melbourne-Titusville – 6.60% of sales – 67.4% profit – 159 days
11. Los Angeles-Long Beach-Glendale, Calif. – 6.39% of sales – 35.4% profit – 168 days
12. Phoenix-Mesa-Scottsdale, Ariz. – 6.39% of sales – 32.2% profit – 146 days
13. Birmingham-Hoover, Ala. – 6.22% of sales – 28.6% profit – 132 days
14. Tacoma-Lakewood, Wash. – 6.16% of sales – 49.4% profit – 159 days
15. Jacksonville – 6.01% of sales – 58.0% profit – 147 days
16. Cincinnati, Ohio – 5.97% of sales – 46.9% profit – 144 days
17. Sacramento-Roseville-Arden-Arcade, Calif. – 5.86% of sales – 38.2% profit – 157 days
18. Chicago-Naperville-Arlington Heights, Ill. – 5.57% of sales – 68.4% profit – 158 days
19. Richmond, Va. – 5.48% of sales – 68.2% profit – 160 days
20. San Jose-Sunnyvale-Santa Clara – 5.45% of sales – 20.20% profit – 114 days
Nick & Cindy Davis work with several investors here in the Tampa Bay area. If you want someone who can assist you here in the Tampa Bay and surrounding areas, we are always just a click here or a call to 813-300-7116 away.
