That makes this a good time for those wanting to buy more affordable condos because they'll have more options and some condos have seen price decreases. "We've been calling them all and telling them to come on back. This gives the consumer choices. Last year, the consumer didn't really have a lot of choices," stated one Myrtle Beach Realtor.

First-quarter statistics from the Multiple Listing Service show 9,012 condos on the market, compared to 2,712 during the same period last year. Condo sales also have dropped 4 percent from the same period last year, while single-family sales increased 42 percent.

Analysts and Realtors say several factors are at play in the condo market:
More people are putting their property up for sale because prices have increased dramatically. The median price for condos in the first quarter increased 24 percent over the same period last year.
A change in rules by the Coastal Carolinas Association of Realtors required agents to enter all condos into the MLS in August 2005. Previously, many were not entering new construction condos.
A large number of hotel conversions and apartment conversions have been added to the market.
The increase in listings and less demand have caused some condo prices to decrease in the past three months.
Tom Maeser, president of the Fortune Academy of Real Estate, agreed it's a good time for condo buyers. "If you've got more choices, you've got greater negotiating power. Buyers always have determined value based on what the market is doing," he said. The number of days that condos sit on the market has grown from 36 days last year to 143 days this year.

"It's nothing to be concerned about. Last year was just a crazy, crazy year, and people have to understand that. We can't base everything on what happened last year. It was an enigma."
Mark Vitner, senior economist for Wachovia in Charlotte, N.C., said many areas are seeing an increase in listings because people think the market is softening and they want to sell now. "Folks are realizing that the housing boom is drawing to an end," he said.

But he's not concerned about the growth in condos for sale, saying it is only a part of a cycle and that the Carolinas housing market continues to be healthy.

For a sampling of condo prices at The Myrtle Beach Resort, Click Here