WATERLOO REGION — More homes have been sold in 2016 in the Kitchener and Waterloo area than in any other year on record — and there’s still a month to go.

November statistics from the Kitchener-Waterloo Association of Realtors released Friday indicate that a months-long trend of robust sales and high prices shows no sign of slowing down.

Year-to-date, the association has recorded 6,352 residential sales, an increase of nearly 19 per cent compared to the 5,341 sales in the same period last year.

The only time in the association’s history that sales have topped the 6,000 mark in an entire year was in 2007, when 6,148 residential properties were sold.

“It shows the strength of our region,” said James Craig, the association’s new president. “It certainly speaks to what we have going for us.”

A strong economy, low unemployment and cultural amenities all make it a desirable market, he said. Buyers from out of town also find that their real estate dollars go a lot further than in the Toronto area, where the average price for residential properties hit $776,684 last month.

In sharp contrast, the average price for all sales through the local association was $411,602, an increase of 15.5 per cent over last November. The median price of all residential properties rose 18 per cent to $377,500.

The association recorded 535 sales last month, an increase of about 27 per cent over November, 2015. Of those sales, 478 came in the cities of Kitchener and Waterloo, with the remainder coming in the townships of Wilmot, Wellesley and Woolwich.

It remains very much a seller’s market, with low inventory fuelling rising prices and bidding wars.

At the end of November, the association’s Multiple Listing Service had only 565 active residential listings, a drop of about 23 per cent compared to October and nearly 61 per cent fewer than at the end of November 2015.

It’s a situation that’s persisted since the spring. In a news release issued last month, the Canadian Real Estate Association noted that “the tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent.”

The association said that area encompasses Toronto, Hamilton, Milton, Guelph, Waterloo Region, Brantford, Niagara Region and Barrie.

“It’s going to be hard to see much change unless there’s a fundamental shift in economics,” Craig said. “People still want the dream of home ownership.”

The Kitchener-Waterloo association sold 352 single-detached homes in November, up 34.4 per cent over last year. They sold for an average of $473,104, an increase of nearly 14 per cent; the median price for detached homes hit $425,000.

Sales of semi-detached homes also rose last month. Declines were seen in sales of condominium units — they were down by about 23 per cent over last year — and freehold townhouses, which were down 20 per cent.

Average prices for all categories were up year over year, with the exception of apartment-style condos, which saw a drop of eight per cent year-over-year to $209,360.