The Miami-Dade luxury residential market experienced a slowdown last week, with buyers signing nine contracts for homes and condos priced at $4 million or more between August 11 and August 17. This data comes from the latest Eklund-Gomes report, which tracks high-end listings included in the Multiple Listing Service.
On average, these properties spent 101 days on the market before going under contract. During the same period, 31 new luxury listings were added, bringing the total to 1,153 active listings in this segment.
The previous week also saw nine contracts signed in Miami-Dade, but those properties had a combined asking price of $109.7 million. In contrast, last week’s six single-family homes and three condos under contract represented a total asking dollar volume of $62.7 million, according to the report authored by Douglas Elliman’s Fredrik Eklund and John Gomes.
Single-family homes accounted for an asking dollar volume of $42.3 million last week. These homes had an average asking price of $7 million and typically spent 92 days on the market before finding buyers.
The highest-priced pending single-family home contract was for a waterfront property at 1001 North Venetian Drive in Miami’s Venetian Islands. The five-bedroom, five-and-a-half-bathroom house spans 3,981 square feet and is listed for $12.2 million with Monica Barros and Irlenne Laricchia of Shelton and Stewart Realtors. Property records indicate that a trust named after ophthalmologist Fred S. Mann owns the 0.3-acre Mediterranean-style home, which was originally built in 1938 and expanded in 2004.
Condos that went under contract last week averaged an asking price of $6.8 million and spent about 119 days on the market. Their combined asking dollar volume reached $20.4 million, averaging $1,968 per square foot.
The most expensive condo to secure a buyer was unit 7441 at Oceanside on Fisher Island Drive. The three-bedroom, four-and-a-half-bathroom residence measures 3,959 square feet and is listed for nearly $11 million—or about $2,765 per square foot—with Karla Abaunza of Luxury Living Realty representing the listing. Records show that a Delaware LLC purchased this unit for $7.5 million last year; the building was completed in 2002.
For comparison, New York’s luxury market saw buyers sign contracts for 23 homes during the same period, with a combined asking price of $148.9 million and an average time on market of roughly 1,000 days.
