South Florida Real Estate Heating Up

MIAMI (AP) _ The bidding wars for South Florida real estate are heating up once again.

The Miami Herald ( ) reports bids above asking price, multiple sales contracts, and sellers demanding cash only and quick closings have returned.

After several years of low prices and large inventories, the number of homes for sale in South Florida has contracted.

According to EWM Realty International, inventories in Miami-Dade and Broward counties for single-family homes are at their lowest levels in more than six years.

One of the reasons is that a considerable number of South Florida homeowners still owe more than they could get for their home and are waiting to sell as prices continue to increase.

Meanwhile, many people are entering the market to take advantage of prices still well below their peak.