September 13, 2017 - 9:17 pm
Updated September 13, 2017 - 9:19 pm
Las Vegas was one of the most popular places in America to flip houses last quarter, although profits were below national averages, a new report shows.
Some 8.9 percent of home sales in the Las Vegas area in the three months ending June 30 were flips, according to Attom Data Solutions, which defines a flip as selling a home within a year of buying it.
Las Vegas’ share was fourth-highest among the 101 metro areas listed in the report. The rate nationally was 5.6 percent, with Memphis, Tennessee, topping the list at 11.1 percent.
Flippers can book sizeable profits in Las Vegas, but they can earn more money elsewhere, Attom’s report shows.
In the second quarter, Las Vegas flippers earned an average gross profit of $55,600, with a return-on-investment of 35.8 percent.
Nationally, flippers booked an average gross profit of $67,516, with returns of 48.4 percent, according to Attom.
The reported profits represent the sales price minus the purchase price and do not account for renovations or other costs incurred by the seller.
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