PROVIDENCE – In the second quarter of 2017, the Providence metropolitan area reported 263 single-family homes and condominiums were “flipped” or sold in an arms-length sale for the second time within a 12-month period, according to Attom Data Solutions, a property data analytics company.
In a report released Thursday, Attom said second-quarter house flipping increased in the metro area by 11 percent year over year, accounting for 5.4 percent of total home sales. Nationwide, 5.6 percent of all home sales were considered “flipped properties.”
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House flippers in the area reported a gross flipping return on investment of 58.4 percent, with an average of 203-day turnaround for the sale. The median flipped price in the Providence metro was $240,000, while the median original purchase price of those properties was $151,500.
Of the flipped sales, 51.7 percent were purchased with financing, one of the highest rates of any metro area in the country, behind Colorado Springs, Colo. (68.4 percent), Denver, Colo. (56.1 percent) and Boston (53.3 percent).
Chris Bergenheim is the PBN web editor.
