Daytona Beach, FL – Volusia and Flagler counties were among the nation’s leaders last year in house flipping.
The Volusia-Flagler area had the 3rd-highest percentage of property flips in the fourth quarter of 2015 and the 5th-highest for the entire year, according to a new RealtyTrac report.
RealtyTrac defines a property flip as a house that is sold twice within a year.
Property flips accounted for 9.9% of homes sold last fall in Volusia and Flagler metro areas and 9.1% of all home resales for the year.
Using a sample size of nearly 1,500 property flips in the Volusia-Flagler area, RealtyTrac determined the quick resales generated a median gross profit of $47,500. This number does not include money spent on property improvements or carrying costs.
Volusia-Flagler’s 2015 4th-quarter flip ratio was higher than it has been since the 3rd quarter of 2006, when it was 12.3%. During the recent recession, that number went as low as 2.7% in the first quarter of 2009, according to RealtyTrac.
The factors contributing to this rise in property flips include rising home prices, an increase in the number of people moving to Florida and a high number of financially distressed properties, per RealtyTrac.
Copyright 2016 Southern Stone Communications.