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Market Upddates

Monthly Market Update April 2024

Inflation will continue to push prices up. The costs of the materials and labor continue to increase the Replacement Costs calculations to value a property will also continue to increase. This will...
Philip Hardcastle · May 22, 2024

1st Quarter 2024

Many sellers will hold out for the higher sales price, but as I have learned in my almost twenty years in San Miguel real estate, there are always sellers who will either...
Philip Hardcastle · May 13, 2024

San Miguel de Allende´s Real Estate Market Continues Strong

It has not been uncommon for us to work with clients who visit every few months or years until they finally figure out what they want to do with the rest of their lives. 
Philip Hardcastle · Oct 26, 2023

San Miguel de Allende Becomes the Place to Escape (part 2)

Waiting for property prices to fall in San Miguel before buying a home probably won't prove to be a good plan.  Unless some drastic world event(s) happen, my bet is that the dollar will continue to devalue for the next year or so, meaning...
Philip Hardcastle · Jun 01, 2023

Why Real Estate in San Miguel de Allende Will Remain a Solid Long Term Investment

As a result, Mexico unseated China as the largest exporter to the US in 2023, and become one of the top 10 exporters globally. It is this economic strength that will keep San Miguel´s real estate a stable long term investment.
Philip Hardcastle · May 07, 2023

San Miguel de Allende continues to escape the global real estate standstill.

I think what we are actually seeing both in real estate and in consumer goods and services is the devaluation of our fiat currencies.  Fortunately for now, the US dollar is the desired currency and will probably remain stronger than...
Philip Hardcastle · Feb 21, 2023

San Miguel de Allende Becomes the Place to Escape

When the stock markets were up because many buyers, even if planning to eventually live here full time, were cashing in investments to purchase a second home.  But most of those escaping seem to be selling properties elsewhere to purchase a property in San Miguel. This means that...
Philip Hardcastle · Sep 14, 2022

San Miguel de Allende Market Overview April 2022

The US Fed raising interest rates has put a huge damper on US home sales as buyers now need 50% more income to qualify for the same loan as just a few months ago.  Obviously this should push real estate prices down.  However...
Philip Hardcastle · May 30, 2022

San Miguel de Allende Market Update February 2022

We are starting to see prices slightly increase for homes that are well located and in better than average condition, the main indicators we see as sales activity increases are that there is less negotiation on the actual sales prices compared to...
Philip Hardcastle · Mar 01, 2022

San Miguel de Allende Market Update January 2022

At first glance, it appears that the inventory of homes is still fairly high in San Miguel de Allende and that we still have 19 months of inventory.  However, anyone who has been paying attention to the market can see that...
Philip Hardcastle · Jan 22, 2022

Is it Still A Good Time to Buy Real Estate in San Miguel de Allende?

Este mercado se ha vuelto enorme y las casas terminadas pueden igualar el tamaño del mercado de reventa. Si incluyeras todas las unidades parcialmente construidas y permitidas pero aún no construidas, todo este mercado tiene...
Philip Hardcastle · Dec 21, 2021

Is Now the Time to Buy in San Miguel de Allende?

The importance of the stock market in this context isn’t a prediction of whether it will go up or down but rather the broad impact it has on most things financial, consumer confidence, and...
Philip Hardcastle · Jun 05, 2021

San Miguel de Allende Real Estate Market Update February 2021

I don't really see any data point which would cause prices to drop much further or cause prices to quickly appreciate.  The sense that there is pent-up demand will probably help the sales volume...
Philip Hardcastle · Mar 15, 2021

Realty San Miguel Market Update January 2021

The price correction we have seen in the past few months is probably coming to an end as most of the fluff has been taken away.  Most will not...
Philip Hardcastle · Feb 08, 2021

Realty San Miguel Market Update October 2020

There were two positives in October.  First, the median price of all properties declined by $38,000. Second, the percentage sold below the asking price increased to 11.05%.  This means ...
Philip Hardcastle · Nov 10, 2020

Real estate buying strategies - Fall & Winter 2020/2021

So what should your buying strategy be when you are looking to purchase a home in San Miguel de Allende this fall and winter season? The answer somewhat depends on your own personal situation. To individualize your strategy...
Philip Hardcastle · Oct 30, 2020

20 YEARS of Inventory In The Million Plus Market

...being optimistic and hoping for two more before the end of the year, that would mean that only ten homes priced at or over a million dollars will sell this year! 
Philip Hardcastle · Oct 07, 2020

Four Plus Year of Inventory and Growing

In early 2017, our inventory was as low as I had ever seen it and within the MLS there were only 175 properties listed for sale.  Today, there are over 850 resale properties for sale and it looks like there will only be around 150 sold this year.
Philip Hardcastle · Oct 07, 2020

Market Update October 1, 2020

Tracking 34 years of cycles in San Miguel, we should continue on a downward trend both in volume and prices. However, SMA is probably way more connected to the global economy today than it was even 15 years ago so this cycle may not track with the previous cycles.
Philip Hardcastle · Oct 01, 2020

Is San Miguel de Allende Open to Visitors or Shut Down?

Some clients, who had just arrived yesterday, described entering without problems and easily received their tourist visas.  
Philip Hardcastle · Sep 30, 2020

What Will Help My House Sell?

The ones that are newer or have been remodeled sell better than a home that is feeling dated - even if it is in tip-top condition. In boom times buyers will often...
Philip Hardcastle · Sep 29, 2020

Buyer Beware – Only 50% of All Homes For Sale Are Reasonable Priced!

We found that slightly over 40% of the homes currently for sale were still priced at or above the peak prices of mid-2018. The percent of “overpriced” homes went to more than 50% when you take into account the price decline of 2019. Of course “overpriced” is relative, but…
Philip Hardcastle · Sep 29, 2020

US & San Miguel Market Disconnect – Hopefully Closing Soon

There are always sellers here who are under outside or self-imposed pressure to sell. Since almost all homes here are purchased with cash versus a mortgage, selling a home in San Miguel represents liberating a nice chunk of cash which provides a lot of flexibility…
Philip Hardcastle · Aug 05, 2020

Mexico's Economy

... news from Mexico these days is mostly good ... the second largest economy in Latin America, has remained resilient to the U.S. slowdown and the financial turmoil from Europe.
Philip Hardcastle · Aug 02, 2015

Bouncing off the Bottom

… given that Centro is the hottest real estate market in San Miguel de Allende. It was the last to see the decline in prices after the crisis began and will be the first to recover as the downturn ends.
Philip Hardcastle · Feb 28, 2015