We know its crazy right now, but even with this insane level of market activity, we are just barely breaking the previous records set in 1992. We’ll see what the final March numbers bring, but we probably won’t be miles above the 959 sales in March of 1991. So we’ll set an all time record, but Victoria was quite different a quarter century ago so it makes little sense to compare just the sales numbers.
Here’s what has happened to Victoria’s population since 1986. We now have 37% more people than in 1986, and 23% more than 1991.
This was going to be a graph of just the population, but then I decided to add the change in population year to year, which immediately gives us one clue that could be behind the sales frenzy in 1990, 1991, and 1992. I was in grade school back then, so anyone here remember why population growth was so strong in the early 1990s and thus sales off the charts? Were they building out the West Shore back then?
It makes sense to examine sales, inventory, and new listings relative to the population at the time. Here are those factors not adjusted for population.
And here they are taking into account population growth in Victoria.
(If the graph above doesn’t show population adjusted numbers, do a CTRL-R on your browser to force refresh).
So we see that the rate of new listings is pretty low right now, and while sales are high, they are not as high as they have been in the past. Will be interesting to see if this March can outpace even the inflation adjusted numbers from 25 years ago.