L
uxury property buyers in Miami-Dade County signed 25 contracts between June 9 and June 15, with a combined asking price of nearly $275 million. The top contract was for a $47 million Gables Estates mansion, secured by real estate investor Rafael Perez.

    The report tracks luxury listings over $4 million in Miami-Dade County and found that the average property spent about 161 days on the market before going under contract. Twenty-eight new luxury listings were added to the market, bringing the total to 1,229 listings.

    In contrast to last week's numbers, when buyers signed contracts for 19 properties with a combined asking price of $268 million, this week saw a significant increase in sales volume. The single-family homes that entered into contract had an average asking price of $11.7 million and spent an average of 173 days on the market.

    The top condo sale was a lower penthouse at Five Park in Miami Beach, asking $20 million with Douglas Elliman's Chris Wands and Charlotte Maietto. In comparison to New York City, where buyers signed contracts for 37 homes with a combined asking price of $331.7 million, Miami-Dade County saw a more modest sales volume.

    Luxury inventory has been dropping on a weekly basis, but the current total of 1,229 listings remains relatively high. The report is authored by the Douglas Elliman team led by Fredrik Eklund and John Gomes.