Resale activity in San Miguel de Allende remained strong in March, though the data is beginning to show some conflicting signals. The number of properties going Under Contract was lower than in March 2025, yet the dollar volume for those contracts was 35% higher, even though prices themselves do not appear to be rising.

Conversely, the number of closed sales increased 13% compared to March 2025, while the total dollar volume of those closings declined 26%.

Despite these mixed indicators—and considering that 2025 was San Miguel’s strongest year on record for real estate resales—2026 continues to demonstrate solid market performance.

How to View the World
Every month, as I sit down to write these Market Updates, I imagine that by the following month the world will feel a bit more stable—that uncertainty will ease and life will drift back toward something resembling “normal.” Yet that never seems to happen. The chaos just keeps unfolding.

What I learned many years ago is that regardless of circumstances—whether economic shifts, global events, or personal challenges—it’s always best to keep moving toward the outcomes you want in life rather than waiting for ideal conditions. Forward momentum will always serve you better than the paralysis of waiting for “better times.”

Market Outlook Analysis

Resale inventory continues to grow, as it has for the past two quarters. In several price ranges, the months of inventory are now as high as they’ve been since the period following the 2008 financial crisis.

 While this increase will create some downward pressure on prices, it’s important to understand the dynamics of the San Miguel market. Because nearly all homes here are purchased with cash and carrying costs are minimal compared to the U.S. and other countries, price adjustments tend to happen slowly. Markets driven by mortgages and high carrying costs experience faster and more dramatic price declines; San Miguel does not behave that way.

 Some sellers will be more motivated—often because they’re ready to move on to their next chapter—but many others are under no financial pressure and will simply ride out the market.

 A continued concern is the emerging stress in the U.S. real estate market. If sellers in the U.S. struggle to sell their homes, they may be unable to purchase in San Miguel, or their plans may be delayed.

External Market Influences

Our team continues to monitor US and global geopolitical trends, as these factors can influence the San Miguel de Allende resale market quickly and significantly.

 Thank you for your continued trust in Realty San Miguel to represent you in all your real estate needs. We remain committed to open communication and transparent guidance as the market evolves.

Philip Hardcastle 

* As you review the sales data, it’s important to remember that San Miguel traditionally carries twelve or more months of inventory across all price ranges—even during boom years. For this market, fifteen to eighteen months of inventory is considered normal.

Because San Miguel functions primarily as a cash market, our absorption rates and inventory timelines will never mirror those of the U.S. or Canada, where inventory is often measured in days rather than months.