Regions buck real estate bubble theory 
Scarcity of for-sale housing, new construction dictate market conditions
By Glenn Roberts Jr., Wednesday, March 31, 2004.Inman News®
So many buyers, so little inventory.
It's a tale Rick Martin knows well. Martin, a Realtor/broker for Whalers Realty in Lahaina on the island of Maui, said some home prices in his area are 40 percent higher than they were at the same time last year.
"We see very little inventory and many, many buyers wishing to purchase homes and condos on Maui. With so few sellers and so many want-to-be buyers, I don't see an end in sight anytime soon," he said.
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