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Wednesday, March 4, 2015

Report: House flipping in Las Vegas has scaled back but remains lucrative

According to a new report from RealtyTrac, a total of 2,992 single-family homes were flipped in Southern Nevada last year. Although this number is down 19 percent from 2013, house flippers are still making strong profits from their deals in Las Vegas.

On the national scale, the number of housing flips fell 11 percent from 2013 and accounted for 5.4 percent of single-family home sales last year, as compared with 9.8 percent of sales in the Southern Nevada.

"As home-price appreciation slows to single digits in most markets, flippers need to be more selective and creative about the properties and neighborhoods they target," said Daren Blomquish, Vice President of RealtyTrac. Althoug home prices are still well below pre-bubble highs, they have climbed nearly 70 percent since hitting rock bottom. Last month, the median for a single-family house was at $200,000, as compared to $118,000 in early 2012.

Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage
(702) 823-0855 Shawn
(702) 823-0840 Kyle

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