Home sales in the Southern Ontario region covered by Kitchener-Waterloo Association of Realtors have set a new September record.

There were 540 sales, a 29.2 per cent rise compared to 2015; year-to-date sales increased 17.6 per cent compared to 2015 with 5,241 sales and set a record for the first time that the third quarter has exceeded 5,000 sales.

Inventory continues to subdue sales with just 851 homes available in the month, down 51 per cent year-over-year.

Condos saw the sharpest rise in sales, up 80.6 per cent compared to a year earlier with detached, semi-detached and freehold townhouses showing more modest gains of 19.8, 18.4 and 22.2 per cent respectively.

“Like many of our neighbouring market areas, it continues to be a sellers’ market here in Waterloo region,” says KWAR president Charlotte Zawada. “The tight supply of listings we’re experiencing is putting upward pressure on prices.”

The average price for all property types rose almost 10 per cent year-to-date compared to the same period of 2015 at $380,692 with detached homes up 11.8 per cent to $443,554; condos up 4.5 per cent to $231,187; and townhouses up 8.5 per cent to $293,167.

The median price for all property types was $350,000 a rise year-over-year of 9.9 per cent.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: