House Flipping Volume In St Louis Down From Year Ago

During the first quarter of this year, there were 600 home “flips” in St Louis or about 8.6% of the homes sold in St Louis, according to data just released by ATTOM Data Research.  This rate of flipped homes is up 5% from the prior quarter, however, is down 7% from a year ago. The decline certainly doesn’t have anything to do with a lack of interest by investors in flipping, it has more to do with a low inventory and declining mortgage delinquency and foreclosure rates reducing the opportunities.

What is a “flipped” home?

In the report issued by ATTOM Data Research, any home or condo that was sold during the first quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months as well, was considered a “flip”.  Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.

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Property Flips In St Louis Down Over 50 Percent From Year Ago

Property “flips” in St Louis slowed during the 3rd quarter of this year to just 234 properties flipped in the St Louis MSA during the quarter making up 2.6% of overall home sales for the quarter, a decline of 20% from the quarter before and a decline of 55% from the third quarter of 2013, according to data just released by RealtyTrac.  Property flipping is a term that has been loosely applied to a variety of real estate transactions but, for the purpose of this report, was considered to be when a single family home sold in during the third quarter had been sold within the previous 12 months.

Back in 1979, when I entered the real estate business, my focus was on buying property to resell and a “flip” at that time referred to a property I had under contract to buy that I managed to sell, or “flip” to someone else (often a competitor) with the closing of both my purchase and my sale taking place on the same day, hence a “flip”.  So, in the last 35 years a flip has went from being a property bought and sold on the same day to one bought and sold within a year…hmm…

Find St Louis Property to Flip

Property Flips In St Louis- 3rd Quater 2014 -

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