Home flipping accounted for 8.6 percent of all the home sales in the St Louis MSA during the 1st quarter of this year according to a report released today by Attom Data Solutions. This is an increase of 14.7% from the prior quarter when 7.5% of the homes sold were flips and is an increase of 6.2% from a year ago when 8.1% of the homes sold in St Louis were flips, according to the report. For the purposes of this report, a “flip” was defined as a property that was sold in an arms-length sale for the second time within a 12-month period.
St Louis house flipping profit margins…
During the first quarter of 2017, the median purchase price of houses that were flipped was $75,000 and the median resale price, 158 days later on average, was $129,400 for a gross profit margin of $54,400. Before you get too excited though, remember this is just the gross margin between the price paid and the price resold at. The actual net profit would be much lower as there would be costs related to the acquisition and sale of the property as well as rehab/repair costs and carrying costs, none of which is available publicly, so we can just talk about gross margins here.
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Want to flip property? Check out my video on how to buy foreclosures here.Home Flips in St Louis 2000-2017 – St Louis House Flipping
Copyright 2017 – St Louis Real Estate News – All Rights Reserved – Data Source: Attom Data Solutions
St Louis 5-County Core Market – Distressed Home Sales – Past 24 Months
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