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Midstate home flipping strong, but less profitable this year
California-based ATTOM Data Solutions, which tracks real estate data, said the average third-quarter return on investment in the midstate was between 57 percent and 85 percent.
Last year, midstate profits were between about 68 percent and 120 percent of the purchase price.
Nationally, flippers — defined as people who sell a property in an arms-length sale within a year of buying it — saw a return of 47 percent this year.
Dauphin County was the only county to produce an increase. The average return on investment rose to about 85 percent this year from 68 percent. That translated to a gross profit of $64,350 in the third quarter compared with $48,750 last year, according to ATTOM.
While profits were largely down, volume was up. The amount of home flipping increased in the third quarter compared with the same quarter last year.
York County had one of the highest flipping rates in the country at 9.2 percent of total home sales, according to ATTOM. There were 172 flips in the quarter in York County.
Lebanon County had the lowest rate of flips locally at 3.5 percent of total home sales.
By comparison, flips accounted for 5.1 percent of total sales in the U.S.
