September housing market a 'saner playing field,' K-W realtors say

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

Home sales slide to 470 units in September, down from 483 in August

There were 470 homes sold in September through the Kitchener-Waterloo Association of Realtors, down slightly from 483 in August. (Graeme Roy/Canadian Press)

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."