Real estate experts and appraisers point to several factors, including buyers thinking they can get a good deal in October and a strong appreciation in price values over last year.

The average price for a condo in October 2003 was $131,000. This year it was $188,000 - a 44 percent increase, according to the Coastal Carolina Association of Realtors' multiple listing service, which covers about 80 percent of sales in Horry and Georgetown counties.

"That's extraordinary. We have seen quantum increases in prices on oceanfront. That's what is driving the numbers up is the value of the oceanfront properties," said Chris Fuse, president of Grand Strand Appraisers Inc.

Tom Maeser, president of Fortune Academy, a local real estate school, agreed high-end condos were raising the average price. "I think it's a sign that we are getting more of those higher-end buyers in our area," Maeser said.

Value of oceanfront properties have increased 20 percent to 25 percent over last year, while single-family residential homes not near the water have seen a 5 percent to 8 percent increase depending on location, Fuse said.

Fuse said golf course properties have considerably less appreciation than oceanfront and follow the 5 percent to 8 percent increase seen in residential.

Condo sales increased 41 percent last month compared with the year before.
Mary Finney, Director of Sales with Resort Vacation Services at the popular Myrtle Beach Resort said. “The perception is prices fall in the winter, which has been the case in the past. We haven’t seen falling prices this off season, however, and buyers continue to out number sellers. I do expect another price bump this spring as summer draws nearer.”

Visit Myrtle Beach Real Estate for information on Myrtle Beach condo sales.