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 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.
Properties that went under contract spent an average of 101 days on the market. During the same period, 31 new luxury listings were added, bringing the total to 1,153 available properties.
For comparison, the previous week also saw nine signed contracts in Miami-Dade County, with a combined asking price of $109.7 million.
According to the Eklund-Gomes report by Douglas Elliman’s team led by Fredrik Eklund and John Gomes, last week’s six single-family homes and three condos under contract had a combined asking dollar volume of $62.7 million.
Single-family homes averaged an asking price of $7 million and were on the market for about 92 days before going under contract. These accounted for $42.3 million in total asking value.
The most expensive single-family home pending sale is located at 1001 North Venetian Drive in Miami. The waterfront property on Venetian Islands spans 3,981 square feet and includes five bedrooms and five-and-a-half bathrooms. It is listed for $12.2 million with Monica Barros and Irlenne Laricchia of Shelton and Stewart Realtors. Records indicate that ownership is held by a trust named after ophthalmologist Fred S. Mann. The Mediterranean-style house was originally built in 1938 and expanded in 2004.
Condos that found buyers last week had an average asking price of $6.8 million and spent approximately 119 days on the market. Their total asking volume reached $20.4 million, or about $1,968 per square foot.
Leading condo transactions was Unit 7441 at Oceanside on Fisher Island Drive, listed at nearly $11 million with Karla Abaunza of Luxury Living Realty. The three-bedroom, four-and-a-half-bathroom unit covers 3,959 square feet and asks $2,765 per square foot. A Delaware LLC currently owns the condo after purchasing it for $7.5 million last year; the building was completed in 2002.
In contrast to Miami-Dade’s figures, New York reported more activity during the same week: buyers there signed contracts for 23 homes totaling a combined asking price of $148.9 million, with properties spending an average of 1,000 days on the market.
