KITCHENER -- An increase in the average price of a home in K-W has led to a drastic decrease in the numbers that were sold.

The Kitchener-Waterloo Association of Realtors say there was a 12.4 per cent decrease in the amount of homes sold in November compared to the same month last year.

Likewise, the average sale price of residential properties has increased by 18.7 per cent from last year to $566.866.

The average single family detached home now costs $660,000, which is up 14 per cent from last year.

Condo prices have also jumped up an average of 13 per cent to $342,000.

A total of 432 properties were listed during the month of November. This number is 27 per cent less than the one from last November.

The previous 10-year average of homes available for sale in K-W at the end of November has sat at 1,252. For this November, the number sits at 553.

“People moving to this area from other places is continuing to be a significant factor for our market,” said KWAR president Colleen Koehler. “Prices are increasing because homebuyer demand is exceeding the number of homes on the market.

“This trend will continue throughout 2020.”

Koehler adds that the price growth for homes in the region is an indication of the successful local economy.