Question

The Western Acres neighborhood is a highly desirable area in which homes very seldom go on the market. The Western Acres properties placed on the market sell very quickly and usually for or above asking price. Which principal of real estate applies to the homes in Western Acres?

Answer 1

Sellers Market
(when demand exceeds supply, more buyers than homes available, leads to multiple buyers interested in a single property, this results in bidding wars driving the price up)