Home flipping sales remain on mixed pace in Triad

It also took about two weeks longer for flippers to turn around from purchase to sell.

Flipped homes are those purchased and subsequently sold again within 12 months. The MSA consists of Davidson, Davie, Forsyth, Stokes and Yadkin counties.

There were 266 flipped homes, down 15.4% from a year ago. They represented 11.4% of all home sales during the quarter.

Home flipping in the Winston-Salem MSA reached a record 1,528 sales during 2022, up 36.5% from 2021. The record had been 1,203 in 2021.

Those flipping the homes grossed on average $85,000 during the third-quarter period, representing a $145,000 purchase price and a $230,000 flipped price. The gross profit a year ago was $81,803.

The average square footage for flipped homes was 1,508, and the median year the residence was built was 1980.

The median is the number in the middle, with the same amount of numbers below and above.

It took an average of 161 days to complete the flipping of a home sold during the third quarter, compared with 149 days a year ago.

About 70.3% of home flippers used cash with the purchase, while 29.7% borrowed money. About 36.1% were sold to cash buyers, while 6% were bought by buyers utilizing a Federal Housing Administration loan.

By comparison, the Greensboro-High Point MSA had 341 flipped homes in the third quarter, up 12.4% over the year. There was a record 1,511 flipped homes sold in 2022, up 11.1% from 2021.

Flipped sales made up 11.8% of the home sale market during the quarter.

The record annual flipping count is 2,025 in 2014 for the three-county metro of Guilford, Randolph and Rockingham.

Those flipping the homes in the Greensboro-High Point MSA grossed on average $80,000, representing a $145,000 purchase price and a $225,000 flipped price.

The average square footage for flipped homes was 1,344, and the median year the residence was built was 2000.

The average time it took to flip a home was 147 days, up from 143 days a year ago.

About 72% of home flippers used cash with the purchase, while 28% borrowed money. About 35.5% were sold to cash buyers, while 10.5% were bought by buyers utilizing a Federal Housing Administration loan.

“The comeback for the home-flipping industry is looking more like a real trend than a temporary break in what had been a pretty bleak couple of years,” Attom chief executive Rob Barber said.

“For sure, investment returns still aren’t anywhere close to where they were a couple of years ago. The latest nationwide profit margin also remains barely within the spread that covers the usual holding costs on flips, with wide variations around the country.

“Nevertheless, home flippers continue to head back in the right direction,” Barber said.

The Charlotte-Gastonia-Concord MSA had 921 flipped homes sold in the third quarter, down 22.6% from a year ago. Those sales made up 9% of the market.

Those flipping the homes grossed on average $70,250, representing a $241,750 purchase price and a $312,000 flipped price. The average square footage for flipped homes was 1,430.

The average time it took to flip a home sold was 149 days, compared with 148 days a year ago.

The Durham-Chapel Hill MSA had 116 flipped homes sold, down 17.1% from a year ago. Those sales made up 6.5% of the market.

Those flipping the homes grossed on average $60,500, representing a $276,500 purchase price and a $337,000 flipped price. The average square footage for flipped homes was 1,331.

The average time it took to flip a home sold was 160 days, up from 143 days a year ago.

The Raleigh-Cary MSA had 379 flipped homes sold, down 13.2% from a year ago. Those sales made up 7.4% of the market.

Those flipping the homes grossed on average $59,500, representing a $309,500 purchase price and a $369,000 flipped price. The average square footage for flipped homes was 1,523.

The average time it took to flip a home sold was 152 days, down from 158 days a year ago.