This Issue August 2026 edition
402 bought vs 175 sold
Flipper purchases vs flip resales this edition; a year ago the same pair was 391 bought vs 266 sold
Flippers bought 402 homes this edition and sold 175 — acquisitions are outrunning exits by the widest margin in a year
Flipper acquisitions held up while exits thinned: 402 homes bought against 175 resold, versus 391 bought and 266 sold a year ago. Net additions to flipper-held inventory ran 227 this edition against 125 a year ago, and the standing pipeline sat at 4,509 homes in the latest month. Exits that did clear were not weak — median resale $1,025,000 against $990,000 a year ago, median gross margin $280,000 (36.4%) on a 126-day median hold. The gap is a timing problem, not a pricing one: more houses entering rehab than leaving it.
Investor Playbook
What this issue's numbers suggest checking, by investor type. Observations from recorded data — not investment, legal, or tax advice.
Spreads widened to $33,500 while flipper demand stayed intact
Nineteen assignments surfaced on recorded deeds at a median $33,500 spread, against 9 last period and 2 a year ago at $22,500 — and that is a floor, since most assignments never touch a deed. With flippers still buying at 402 a period, the data suggests the bid is there for 1970s-1980s stock, which drew 212 and 196 investor purchases respectively. Worth checking 92117, 92126 and 92115, where flip resales concentrated this edition.
Check your own inventory before you add another house
Net additions to flipper inventory ran 227 this edition versus 125 a year ago, with 4,509 homes standing in the latest month and 99 aging out. Exits that cleared did so in a median 126 days at a $280,000 gross margin (36.4%), so the earn is intact — the risk is holding depth. The data suggests underwriting to the 126-day median rather than the 30% that turned under 90 days, and treating anything past a year (10% of exits) as a carry problem. Rehab and carry are not public record, so these margins are gross.
Condo basis is $51/sqft under single family this edition
Condos took 360 of the recorded investor purchases at a $665,000 median and $597/sqft, against 495 single family at $1,000,000 and $648/sqft. City Heights 92105 showed a $690,000 median buy and Mira Mesa 92126 $827,000 — the lowest medians among the busiest zips. With 1,351 local owners adding units since the last drop, worth checking whether the condo basis gap survives HOA carry in your target zips before assuming it is real.
Recorded private paper thinned to 37 while sellers carried 148
Private loans fell to 37 from 103 a year ago; over the same stretch seller notes rose to 148, median $340,000. Institutional rehab lenders dominate the trailing 12 months — ARV Finance recorded 223 loans (median $919,000, 81% rehab-funded) and Kiavi 62 (median $968,300). The median financed purchase carried a 0.95 loan-to-price and a $710,964 loan. The gap the data suggests is smaller, shorter paper behind seller carries, not competing at 95% on $900,000 purchases. Rates and terms are modelled, not recorded, so they are not published here.
Small multifamily is a buy-and-hold trade this edition, not a flip trade
Only 3.4% of flip resales were small multi, down from 6.0% a year ago, while investors recorded 46 2-4 unit purchases at a $1,200,000 median ($708/sqft) and 100 larger multi-family buys at $1,555,000 ($524/sqft). The per-square-foot spread between the two categories is the number to test in your own comps. Oceanside West 92054 (25 buys, $1.2M median) and Pacific Beach 92109 (42 buys) carried the most volume in the coastal band.
Factoids
Numbers from this period a practitioner would repeat to a colleague. Each computed directly from recorded instruments.
1,043 investor purchases — Recorded investor buys this edition, median $900,000
Overall investor buying is down 28% year over year and 9% from the prior period. The median paid slipped $25,000, so the pullback is in count, not in price discipline.
110 flip operators — Distinct operators recording a flip sale this edition
Fewer names are clearing exits, and the top ten took 31.6% of flip revenue versus 35.2% a year ago. Volume left the field broadly rather than concentrating at the top.
92126 held 5.7% of flips — Mira Mesa share of flip resales, against Otay Mesa 92154 at 0.6%
Mira Mesa recorded 10 flips on 17 investor buys, median buy $827,000 against a median flip sale of $1,040,000. Otay Mesa and National City 91950 (0% this edition, 2.3% a year ago) gave up share.
148 seller-financed notes — New notes held this edition, median $340,000
Note count is up 47% year over year while the median note size fell, pointing to smaller second-position and gap paper. Sellers are carrying more often at lower dollar amounts.
37 recorded private loans — Private-party loans recorded this edition, median $300,000
Recorded private lending is down 64% year over year while institutional rehab paper persists: 34% of the 1,219 financed purchases in the trailing 12 months carried rehab funds. The individual lender is showing up on the deed far less often.
$708/sqft on 2-4 units — Median price per square foot paid on 46 recorded 2-4 unit buys
Small multifamily is trading at a higher unit basis than both condos and larger residential buildings this edition. Buyers pricing duplexes off condo comps are working from the wrong basis.
Market Activity — Investor Purchases
Monthly count of investor purchases of MSA properties (left axis) and the median purchase price (right axis), trailing 13 months. The most recent month can grow up to ~15% as late recordings arrive.
Investor purchases per month (bars) and median purchase price (line), trailing 13 months.
Which vintage of housing investors bought this edition, by decade built.
Where the Money Went
The geography of the period's investor activity: which zip codes saw the most recorded deals, and the largest individual transactions at street level.
The 8 busiest zip codes for investor deals
Pins rank the busiest zips by recorded investor deals (purchases + flips of existing homes) this period — #1 busiest; orange = top 3; pin size scales with deal volume. Median buy is the typical investor purchase; median sale the typical flip resale. Click a pin for details; full table below.
| # | Zip | Area | Purchases | Flips | Median buy | Median sale |
|---|---|---|---|---|---|---|
| #1 | 92101 | Downtown San Diego | 47 | 0 | $848,000 | n/a |
| #2 | 92109 | Pacific Beach | 42 | 3 | $1.5M | n/a |
| #3 | 92037 | La Jolla | 43 | 1 | $1.7M | n/a |
| #4 | 92054 | Oceanside West | 25 | 3 | $1.2M | n/a |
| #5 | 92117 | Clairemont | 19 | 9 | $910,000 | $1.3M |
| #6 | 92126 | Mira Mesa | 17 | 10 | $827,000 | $1.0M |
| #7 | 92009 | La Costa | 20 | 6 | $1.4M | $1.9M |
| #8 | 92105 | City Heights | 21 | 5 | $690,000 | $750,000 |
A representative deal in each of the busiest zips
One deal per zip: the largest matching this market's typical house (typical for this market: 1504 sqft, 3 bed, built around 1972; priced within 4x the county assessment and under 5x its own zip's median).
$3.9M · Purchase
1824 CHICO ST, San Diego 92109
Street View Jul 2022 — before the purchase
$3.2M · Purchase
1221 VIRGINIA WAY, La Jolla 92037
Street View Apr 2019 — before the purchase
$2.9M · Purchase
1325 PACIFIC HWY UNIT 3501, San Diego 92101
Street View Apr 2026 — before the purchase
$2.0M · Purchase
710 S MYERS ST # 12, Oceanside 92054
Street View Jul 2025 — before the purchase
$1.9M · Purchase
4716 MURAT PL, San Diego 92117
Street View Jan 2025 — before the purchase
$1.9M · Purchase
3116 DEL REY AVE, Carlsbad 92009
Street View Apr 2023 — before the purchase
$1.7M · Purchase
3734 43RD ST APT 1, San Diego 92105
Street View Apr 2026 — before the purchase
$1.4M · Purchase
11095 KITE HILL LN, San Diego 92126
Street View Nov 2015 — before the purchase
Deal sheet — private lending, in date order
Private loans recorded against residential property this period, oldest first.
| Date | Lender | Amount | Property | Use |
|---|---|---|---|---|
| May 1 | Jubb William | $500,000 | 432 Arnold Way, Alpine 91901 | Single family |
| May 1 | Calvano Sam | $270,000 | 1577 Tampa CT, Bonita 91902 | Single family |
| May 1 | Kirsch Terri | $195,000 | 1580 Union ST Unit 208, San Diego 92101 | Condo |
| May 1 | Equine Holistic Sports Medicin | $25,000 | 3930 60TH ST Unit 163, San Diego 92115 | Condo |
| May 4 | Scott R Gibson and Joan M Gibs | $560,000 | 3715 Martha ST, San Diego 92117 | Single family |
| May 5 | 1ST Sec MTG Emp Retirement TR | $155,000 | 4919 Hilltop DR, San Diego 92102 | Single family |
| May 8 | 2015 Tho Tan Nguyen and Hai TH | $613,632 | 611 Dewey ST # 19, San Diego 92113 | 2–4 unit |
| May 8 | 2015 Tho Tan Nguyen and Hai TH | $613,632 | 611 Dewey ST # 19, San Diego 92113 | 2–4 unit |
Largest flip margin deals of the period, at street level
Gross margin = recorded sale price minus the flipper's recorded purchase price. Purchase deeds are recoverable for roughly 4 in 10 flips; rehab and carry costs are not public record.
$2.2M gross · bought $1.6M (Oct 2025) → sold $3.7M
2409 EVERGREEN ST, San Diego 92106
Street View Jan 2025 — before the flip (pre-renovation)
$1.2M gross · bought $1.5M (Apr 2025) → sold $2.7M
4316 ARCADIA DR, San Diego 92103
Street View Jun 2014 — before the flip (pre-renovation)
$895,000 gross · bought $2.0M (Oct 2025) → sold $2.9M
1897 MALDEN ST, San Diego 92109
Street View Jan 2025 — before the flip (pre-renovation)
$875,000 gross · bought $1.5M (Dec 2025) → sold $2.4M
2910 ERIE ST, San Diego 92117
Street View Jan 2025 — before the flip (pre-renovation)
$810,000 gross · bought $735,000 (Sep 2025) → sold $1.5M
2951 ANAHEIM ST, Escondido 92025
Street View Feb 2020 — before the flip (pre-renovation)
$780,000 gross · bought $1.4M (Jul 2024) → sold $2.2M
674 HYGEIA AVE, Encinitas 92024
Street View Feb 2009 — before the flip (pre-renovation)
Flip Structure — Year over Year
How the flip market itself is changing: margins, who is doing the flipping, what they flip, and where. Same two calendar months, this year vs last, from the current data extract.
| Flip market structure | Same months last year | This edition |
|---|---|---|
| Flips sold | 266 | 175 |
| Median sale | $990,000 | $1.0M |
| Median $/sqft | $676 | $690 |
| Sale vs county-assessed | 0.00× | 0.00× |
| Median gross margin (matched buys) | $255,000 | $280,000 |
| Median margin % | 36% | 36% |
| Median hold | 5.4 mo | 4.1 mo |
| Homes bought by flippers | 391 | 402 |
| Net to inventory (bought − sold) | +125 | +227 |
| Active flippers | 166 | 110 |
| Top-10 flippers' revenue share | 35% | 32% |
| Median house: sqft / beds / built | 1440 / 3 / 1973 | 1458 / 3 / 1971 |
| Pre-1950 stock share | 9% | 6% |
| 2–4 unit share | 6% | 3% |
| Median distance from downtown | 16.6 km | 16.3 km |
Homes bought counts every deed recorded to a known flipper in the window, resold or not. Net to inventory is that minus flips sold. The standing stock is in the Flip Pipeline section.
Attributed profit per flip (per-investor aggregates, by drop period): Feb 26→Jun 26: 270 flips, $114,961/flip · Jun 26→Aug 26: 210 flips, $242,745/flip.
County mix (share of flips, last year → this edition): San Diego 100%→100%.
Biggest zip share moves: Otay Mesa 3.4%→0.6% · College Area 1.1%→3.4% · National City 2.3%→0.0% · Mira Mesa 3.8%→5.7% · Escondido North 0.8%→2.3%.
Flip Pipeline — Buying, Selling and Inventory
Homes bought by known flippers and homes they resold, per month, alongside the stock sitting in flipper hands. A house enters inventory when a flipper buys it and leaves on the next recorded sale, at any price. Purchases still unsold after five years are treated as holds and drop out.
Solid = recorded, dashed = projected. Green bars are inventory on the right axis: homes bought and not yet resold. Aged out is purchases passing five years unsold. Inventory moves by bought minus resold minus aged out.
| Flip pipeline | Bought / mo | Resold / mo | Aged out / mo | Inventory |
|---|---|---|---|---|
| Latest recorded month (2026-05) | 256 | 137 | 99 | 4,509 |
| Projected (2026-11) | 169 | 156 | 91 | 4,236 |
Method: a straight-line trend through the last 24 months, adjusted for the month of the year, shown dashed as a projection. The series stops before the newest month or two, where deeds are still recording.
Who's Funding the Deals
First mortgages open on flipper purchases from Jul 2025 – Jun 2026 that have not yet resold. 83% carried recorded debt; the rest closed cash or off-record. Ranked by deal count.
83%
1,219 of 1,473 flipper purchases carried a recorded first mortgage
$710,964
median 0.95× the purchase price
34%
415 of 1,219 loans exceed the purchase price, so the lender is covering work as well as the buy
| Lender | Loans | Borrowers | Median loan | Loan vs price | Funds rehab | Median purchase |
|---|---|---|---|---|---|---|
| Arv Finance INC | 223 | 71 | $919,000 | 1.06× | 81% | $835,000 |
| United Wholesale Mortgage LLC | 66 | 66 | $704,150 | 0.95× | 5% | $772,500 |
| Kiavi Funding INC | 62 | 31 | $968,300 | 1.05× | 69% | $930,500 |
| Rocket Mortgage LLC | 38 | 38 | $680,750 | 0.83× | 8% | $755,000 |
| RFLF 4 LLC | 34 | 11 | $823,066 | 1.16× | 88% | $706,000 |
| Anchor Loans LP | 23 | 8 | $987,396 | 1.00× | 43% | $910,000 |
| Conventus LLC | 22 | 14 | $1.1M | 0.92× | 41% | $1.1M |
| Wells Fargo Bank NA | 20 | 20 | $501,092 | 0.46× | 5% | $726,500 |
| Center Street LNDG Viii Spe LL | 18 | 11 | $868,182 | 1.03× | 61% | $860,000 |
| Crosscountry Mortgage LLC | 15 | 15 | $759,000 | 0.90× | 13% | $890,000 |
Rates and terms are not published: the county feed models both. Borrowers counts the distinct flippers on each lender's book. Loan vs price is the recorded first mortgage divided by what the buyer paid. Above 1.00x the lender is funding purchase plus rehab; below it the buyer brought cash to the table. Blanket mortgages covering several parcels are excluded, as are loans outside 0.1x-3x the price. Rates and points are not public record.
Flipper Profile — The Working Flipper
The 70th–90th percentile of local flippers by lifetime flip count — the established operators below the whales: 4–9 lifetime flips each. Bath counts are not in the assessor extract.
242
each with 4–9 lifetime flips (avg 5.6)
$178,000
2,841 flips matched to their purchase price
4.3 mo
purchase to resale, matched deals
1504 sqft · 3 bd
median year built 1972
Where they work: Spring Valley (91977) 4% · Encanto (92114) 4% · Clairemont (92117) 4% · Rancho Bernardo (92128) 4% · Encinitas (92024) 3%.
Market Pulse
| per month, Feb–Jun 2026 | per month, Jun–Aug 2026 | change | avg/mo 2yr | avg/mo 4yr | |
|---|---|---|---|---|---|
| ▬ Homes bought by flippers | 196 | 201 | +3% | 196 | 199 |
| ▼ Flips sold (deeds) | 133 | 88 | -34% | 159 | 170 |
| ▲ Lending deals funded | 64 | 148 | +130% | — | — |
| ▲ Seller/notes held (net) | 57 | 127 | +123% | — | — |
| ▬ Investors (net) | 172 | 171 | -1% | — | — |
Flips and flipper purchases = recorded deeds, same two months each year; their 2- and 4-year columns are per-month averages of the deed series. The remaining rows come from the investor file, which spans 13 months, so they have no multi-year average (2026: Jun 2026 → Aug 2026; 2025: Feb 2026 → Jun 2026).
Past Issues
Methodology
Source Data
Every figure is computed from recorded instruments (deeds, mortgages, assignments) and assessor property records for the five counties of the San Diego-Elyria MSA. No surveys, no estimates, no listings data.
This edition analyzes transactions dated May 1 – June 30, 2026, as recorded through the 2026-08 data extract.
Who Counts as an Investor
Investors are entities whose recorded transaction history looks like investing: rental holding (landlords), short-hold resales (flippers), private mortgage lending, note holding, or contract assignment (wholesalers). Banks, homebuilders, iBuyers, SFR funds, and government entities are identified by name and reported separately from small investors.
How Comparisons Work
The Market Pulse reports activity attributed between successive data drops, from the per-investor lifetime totals maintained upstream — periods differ in length, so per-month rates are shown. Elsewhere, "vs. year ago" compares the same calendar months one year earlier, counted from the same data extract. Transfers under $5,000 (quitclaims, partial interests) are excluded everywhere. Counts lag recording by 4–8 weeks, and the newest month can grow up to ~15% as late records arrive — direction is reliable before magnitude.
Known Limits
Wholesale assignments only appear when they touch a recorded deed, so those counts are a floor. Flip hold times are measured from the prior recorded sale. Names are the owner of record, which may be an LLC or trust.
About
Purpose
A working tool for small real estate investors in Greater San Diego: what actually closed, where, at what prices, and what it suggests checking next — one theme per issue.
Cadence
Published with each bi-monthly data drop, covering the two most recent complete months of recorded activity.
Disclaimer
Observations from public records, not investment, legal, or tax advice. Past activity does not guarantee future results. Verify any property or counterparty independently before transacting.