The Miami-Dade luxury residential market experienced a notable slowdown last week, with buyers signing nine contracts for homes and condos priced at $4 million and above between August 11 and August 17. This is according to the latest Eklund-Gomes report, which monitors high-end listings in the Multiple Listing Service.
The properties under contract spent an average of 101 days on the market. In total, 31 new luxury listings were added, bringing the overall number of active listings to 1,153.
The previous week also saw nine signed contracts in Miami-Dade, but those deals had a combined asking price of $109.7 million. Last week’s contracts totaled $62.7 million in asking dollar volume—covering six single-family homes and three condos—according to the Douglas Elliman team led by Fredrik Eklund and John Gomes.
Single-family homes accounted for $42.3 million of that total, with an average asking price of $7 million per home and an average time on market of 92 days.
Leading last week’s single-family home contracts was a five-bedroom, five-and-a-half-bathroom house at 1001 North Venetian Drive in Miami’s Venetian Islands. The waterfront property is listed for $12.2 million with Monica Barros and Irlenne Laricchia of Shelton and Stewart Realtors. Records indicate ownership by a trust associated with ophthalmologist Fred S. Mann. The Mediterranean-style residence sits on a 0.3-acre lot, was built in 1938, and expanded in 2004.
For condos, the three units that found buyers had an average asking price of $6.8 million and spent about 119 days on the market each. These sales represented a total asking dollar volume of $20.4 million—or roughly $1,968 per square foot.
A Fisher Island condo at Unit 7441, located at Oceanside (7441 Fisher Island Drive), topped the condo segment with an asking price just under $11 million ($2,765 per square foot). Karla Abaunza of Luxury Living Realty represents the listing; records show it is owned by a Delaware LLC that acquired it for $7.5 million last year. The building was completed in 2002.
In comparison, New York saw more activity during the same period: buyers there signed contracts for 23 homes with a combined asking price of $148.9 million; those properties spent an average of about 1,000 days on the market.
