The art of buying and selling homes is paying off for Angelenos, who have raked in more than $100,000 per flip over the last four years.
A study by LendingHome shows that from 2014-2017 flippers sold 39,042 homes in Los Angeles County, where more than a quarter of all flips happen in California, CurbedLA reported.
Between January and October of this year, flippers sold 8,023 homes in Los Angeles County, according to LendingHome. The firm’s most-recent data shows that house flips represented 6.7 percent of total sales in the second quarter of this year.
The median sale price in those transactions was $140,000 more than the last price paid.
That statistic doesn’t take into account repairs and renovations before selling, however, so the true profit is likely less. A separate Zillow study from June found that sellers in Los Angeles and Orange counties collected median profits of $137,000 in 2017.
Overall, more than 10,570 homes were flipped in L.A. last year, down 10 percent from 11,692 in 2016, but up from 8,886 in 2015.
Unlike flippers in other parts of the country – who typically sell within a year of buying – homeowners in Southern California typically owned their homes for more than nine years before selling for a profit, according to the report.