House flippers’ share of the market in Las Vegas has inched lower from a year ago but profits have jumped, a new report shows.
Flipping comprised 10 percent of home sales in the Las Vegas area in the first quarter, down from 10.2 percent in the same period last year, according to housing tracker Attom Data Solutions.
Flippers also booked an average gross profit of $51,500 per deal in the three months ending March 31, giving them a 34.3 percent profit margin. That’s compared to average profits of $40,000 and a 27.6 percent margin a year earlier, Attom reported.
Overall, Las Vegas flippers had the fifth-highest market share among 85 metro areas listed in the report. Memphis, Tennessee, was No. 1, with flips comprising 15.1 percent of all sales.
Attom, based in Irvine, California, defines a flip as selling a home within a year of buying it. The company tracked sales of single-family homes and condos for the report.
Profits represent the sales price minus the purchase price and do not account for renovations or other costs the sellers may incur.
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