The number of homes sold in Kitchener and Waterloo dropped to 470 in September, down from 483 in August.

It was also a decrease of 12.8 per cent compared to September 2016, when 540 residential units were sold.

But the number still remains higher than the five-year September average of 437 sales, the Kitchener-Waterloo Association of Realtors (KWAR) said Wednesday.

Year-to-date, 5,357 residential units have sold compared to 5,239 during the same period in 2016, a 2.3 per cent increase.

Of the total number of residential sales in September, 285 detached homes, 38 semi-detached homes, 37 freehold townhouses and 105 condominium units — which includes apartments, semis and townhouses — were sold.

The average price of all residential properties sold last month increased 12 per cent over September 2016 to $455,079.

It's a different story than a year ago when bidding wars were a regular occurence, but KWAR president James Craig said they are still seeing "solid price growth and unit sales."

"The feverish spring conditions have given way to a saner playing field," Craig said.

"However, an increase in listings would be a welcome shift for homebuyers who would benefit from increased selection across the more affordable price ranges."