Luxury homes spend more time on the market in Miami-Dade, as signed contracts fall

Signed contracts of luxury residential properties in Miami-Dade County dropped for the second consecutive week.

Buyers signed 11 contracts between March 10 and March 16, according to last week’s Eklund-Gomes report, which tracks listings of homes and condos asking $4 million and up in Miami-Dade County that are included in the Multiple Listing Service. The properties spent about 175 days on the market, on average. 

Fifty-three luxury listings were added to the market, for a total of 1,356 listings. 

The asking dollar volume for the six single-family homes and five condos under contract totals $83.3 million, according to the report, which is authored by the Douglas Elliman team led by Fredrik Eklund and John Gomes. 

The single-family homes that entered into contract last week had an average asking price of $7.7 million and spent an average of 117 days on the market. They totaled $46.5 million in asking dollar volume.

At the top of the report is the waterfront home at 136 Paloma Drive in Coral Gables. The Cocoplum property, asking nearly $12 million, is on the market with Douglas Elliman’s Darin Tansey and William Seltzer. The 7,113-square-foot, six-bedroom and seven-and-a-half-bathroom house sits on a 0.4-acre lot. 

The condos that secured buyers last week had an average asking price of $7.4 million and spent 244 days on the market, on average. They totaled $36.9 million in asking dollar volume, or $1,733 per square foot. 

A 6,122-square-foot unit at the planned Indian Creek Residences and Yacht Club in Bay Harbor Islands led new pending condo sales. The five-bedroom, six-bathroom unit #5 is on the market for $11.3 million with One Sotheby’s International Realty agents Vanessa Frank and David Pullman. The nine-unit project is being developed by Jonathan Landau’s Landau Properties.

The previous week, buyers signed contracts for a dozen properties in Miami-Dade, asking a combined $137.4 million.
Last week in New York, buyers signed contracts for 36 homes, according to the latest Olshan report. Their combined asking price was $323 million, and the typical home spent 1,026 days on the market.