Bidding wars are emerging from Homestead to Weston, as house sales and prices take off, further reinforcing the end of a prolonged market slump.

A two-bedroom, two-bathroom, bank-owned condo in Coral Springs excited 64 offers within 10 days– selling for $ 71,000 on Tuesday, or 34 percent over its $ 53,000 listing price.

“It was a feeding frenzy. I have actually never seen anything like it,” pointed out Marta DuPree, broker associate and vice president of the Keyes Business in Coral Springs. “It was a rentable structure, so all the venture capitalists were out.”

In Broward County, the median list prices of single-family houses rose 17 percent in April to $ 205,000, and condos hopped 17.4 percent to $ 84,300, in contrasted to prices in April 2011. And in Miami-Dade, residence prices continued a five-month ascending– up 30 percent for condos, to $ 150,000, and 8.2 percent for single-family houses, to $ 183,000, in contrasted to a year ago, according to figures released Tuesday by the Miami Association of Realtors.

Across South Florida, greater demand is leading to a number of bids and, in turn, elevating rates– as the real estate market keeps turning around.

“We have a very limited amount of properties at this point and there are a ton less foreclosures on the market,” said Tony Garcia, area sales business manager for the Keyes Company in Homestead. “What we are seeing is that individuals are going once more to bidding wars … We're in a situation where for 80 percent of contracts there are at the very least 3 or four offers for the same property.”

Realtors state the merchandise of domestic listings is method down. It has reduced 34 percent in the past year in Miami-Dade, from 17,897 to 11,878, and down 4 percent because March, the Realtors' Association said.

Similarly, in Broward, the stock of residential listings has dropped 30 percent in the past year, from 15,781 to 11,086, additionally down 4 percent from March.

With a housing stock of 16,000 residences and condominiums in Weston, just 254 single-family residences and 91 condos are currently for sale, pointed out Chip Rowand, assistant area sales supervisor for the Keyes Company's Weston office.

Surrounding locations of Southwest Ranches, Pembroke Pines, Davie and Cooper City are all experiencing a comparable dearth of merchandise, stated Fritz Hawkins, basic business manager for the Keyes Company.

“We can place a property on the marketplace and we can easily have multiple offers in one day,” he stated.

Backers with money– predominantly overseas purchasers– continue to fuel the market.

In both Miami-Dade and Broward, 64 percent of closed sales in March were all-cash sales, with the vast larger part to intercontinental purchasers, the Miami Association of Realtors said.

“We're at a point where builder inventories are low, and in fact, for some builders, sales are continuing faster than they can easily create,” said Brad Hunter, South Florida director for Metrostudy, a housing market advisory firm headquartered in Houston.

“For those that are waiting four or five or more years for residence rates to stabilize and start edging back upwards, we are practically there,” he stated.

Meanwhile, distressed properties still comprise a multitude of sales.

In April, 47 percent of all closed housing sales in Miami-Dade were distressed, including REOs (bank-owned properties) and short sales, contrasted to 59 percent in April 2011 and 49 percent the previous month.

In April, 38 percent of all closed household sales in Broward were distressed, in contrasted to 50 percent in April 2011 and 41 percent the previous month.

More distressed properties are confident to hit the market place, which could still dampen costs, analysts state.

“We still have 52,000 foreclosures that haven't been sold, and it is still taking 809 days to process a foreclosure in Florida,” pointed out Jack McCabe, main manager of McCabe Study & Consulting, based in Deerfield Oceanfront.

When those distressed properties become available, they may be offered online, instead of through Realtors, he said.

“Things are better, but they are still not great, and there is still a flood of distressed property yet to be offered,” McCabe pointed out. “And that will definitely have an influence on the arena.”

Statewide median list prices in April increased 10.2 percent to $ 144,350 for single-family homes and 16.1 percent to $ 108,000 for condominiums, according to the Florida Realtors Market Data and Analysis division and vendor partner 10K Study and Advertising. The nationwide median existing-home rate for all housing kinds was $ 177,400 in April, a 10.1 percent boost from April 2011.

Tampa's real estate market is seeing the same signs. View Tampa homes at www.tampa2enjoy.com.