Miami-Dade County Luxury Real Estate Market Update: July 2023
The luxury real estate market in Miami-Dade County remains vibrant, attracting high-net-worth individuals and investors. Recent statistics from the Eklund-Gomes report show notable activity in this competitive sector.
Overview of Recent Transactions
Between July 7 and July 13, 2023, buyers signed contracts for 10 luxury properties in Miami-Dade County, a slight decrease from the previous week’s total of 12 properties. The combined asking prices of last week’s transactions totaled $87 million, reflecting continued strong demand despite a slight dip in activity.
Key Market Statistics
- Total Luxury Listings: 1,189 properties
- Days on Market: Average of 144 days for the signed contracts
- New Listings This Week: 39 luxury properties added
Breakdown of Recent Sales
Single-Family Homes
- Number of Homes Sold: 8
- Average Asking Price: $9.4 million
- Total Dollar Volume: $74.9 million
- Average Days on Market: 113 days
One standout property is a stunning nine-bedroom home located at 1535 West 27th Street, listed for $34.5 million. This Mediterranean-style estate features:
- 12,190 square feet of living space
- Rose onyx living room
- Red marble bar
- Bougainvillea-lined courtyard
- Pool and spa
Listed by: Jill and Danny Hertzberg of the Jills Zeder Group at Coldwell Banker.
Condominiums
- Number of Condos Sold: 2
- Average Asking Price: $6 million
- Total Dollar Volume: $12.2 million
- Average Days on Market: 266 days
The top condo transaction involved a luxurious 4,609-square-foot unit at Mansions at Acqualina in Sunny Isles Beach.
- Listing Details: 4 bedrooms and 6.5 bathrooms
- Asking Price: $7.3 million
Listed by: Maria Barbosa of Elite International Realty.
Comparative Insights
Last week, the market in New York experienced a surge with buyers signing contracts for 19 homes totaling $161.7 million in asking prices. These homes typically spent an average of 425 days on the market, showcasing a distinct variance from the Miami-Dade trends.
Conclusion
The luxury real estate market in Miami-Dade County continues to attract affluent buyers despite fluctuations in weekly contract signings. Properties are moving, albeit at varying paces, suggesting a robust and evolving market poised for further growth.
For those interested in exploring luxury real estate opportunities, it’s crucial to stay updated on market trends and listings. For detailed insights into Miami luxury property listings, visit Douglas Elliman or check out further listings with the Eklund-Gomes Team.
Stay informed and seize the opportunities in the bustling Miami-Dade luxury market!