Twenty-two sales in a quarter where the seasonal norm is already low is still a very slow number. The more telling figure is the 12-month rolling MOI hitting 11.0 — the highest point in this dataset, and still climbing. At 11 months of supply, buyers aren’t competing with each other. They’re taking their time, seeing multiple properties, and negotiating. The SP/LP ratio of 94% confirms that sellers who are transacting are doing so at a meaningful discount to list.

The jump in average days on market from 63 to 95 days is significant. February 2026 averaged 122 days — over four months from list to sale. Properties sitting that long accumulate a stigma that compounds the problem. Buyers see the days counter and wonder what’s wrong. In many cases nothing is wrong other than the price, but it creates friction regardless.

The rolling termination count of 307 deserves its own paragraph. Prior to 2024 the rolling annual figure was consistently under 25. We went from a market where almost everything listed eventually sold, to one where a very large share of listings are being pulled without transacting. That inventory doesn’t disappear — it waits and comes back as relists in subsequent quarters, adding to the perceived supply overhang.