RealtyTrac: Las Vegas Ranks Third in Flipping - 8 News NOW

RealtyTrac: Las Vegas Ranks Third in Flipping

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The Las Vegas metropolitan area produced the nation's third largest volume of flipped single-family homes in the third quarter of 2013, reported Wednesday night.

There were 780 such residences in Southern Nevada that were purchased and subsequently resold within six months, fitting the definition of flipping as used by the real estate analytics company from Irvine, Calif.

That volume was 15 percent below the second quarter of this year but 9 percent higher than the third quarter of 2012. The average purchase price of those homes was $144,197 and the average resale price was $190,910, contributing to average gross profits of $53,503 per residence for the flippers.

Las Vegas trailed only Los Angeles and the New York City/Northern New Jersey metro areas in the volume of flipping that occurred from July through September. Reno was 12th in flipping volume.

"Increasing home prices over the past 18 months combined with decreasing foreclosures have created a market less favorable to the high quantity of middle- to low-end bread-and-butter flips that we saw late last year and early this year," RealtyTrac vice president Daren Blomquist said.

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