PHOENIX — More than 4,000 homes were flipped in Maricopa County in the last year, a report said.
The number of flipped homes was second in the nation, topped only by the New York-Long Island area with more than 7,000.
Darren Bloomquist with Realty Track said although the numbers of home-flipping are “decreasing,” it is still a hot market.
“Prices now are rising, have been the last two years, that’s really made it a great place to flip,” he said.
Investors in the Valley made about $50,000 in profit, but Bloomquist said a decreasing number of foreclosures will likely reduce margins.
Arizona was followed by the Los Angeles-Long Beach-Santa Ana region in California with over 3,500 flipped homes.
The 22 counties listed had at least 1,000 single family homes flipped in the past year.
The average purchase price for Arizona was $172,547.
KTAR’s Martha Maurer contributed to this report.