Market Update

Welcome to our monthly real estate update! We're excited to share the latest news and trends in the San Miguel de Allende housing market with you. Whether you're a first-time homebuyer or a seasoned investor, this newsletter has something for everyone.

Stay tuned for expert advice from our team of real estate professionals. Grab a cup of coffee, sit back, enjoy your monthly dose of real estate insights. Happy house hunting!

Inventory 

Inventory still remains high with more than three times more properties for sale than will probably sell in 2024. The inventory appears to continue to grow. Year to date 140 have actually closed while New Listings have grown by 446.

What will push prices down?

The high inventory compared to actual sales will keep pushing prices down. 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 just want to move on and accept less money for their properties or will have financial pressures that will cause them to drop their prices.

What will push prices up?

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 keep upward pressure on prices but probably won't be enough to completely offset the downward pressure that the high inventory brings. 

What this means to sellers?

The main thing that sellers need to understand is that at the current pace of sales, only a little less than 30% of properties currently on the market will sell this year. Stated more harshly, seven out of ten homes for sale won't sell this year. This means there is a lot of properites competing against yours - and this applies to every neighborhood and price range. Most buyers will be looking for Value for the Money, so it will be important to make price of your property very attractive to buyers. If you are not sure how to price your property we are happy to help you evaluate your options.

What this means to buyers?

Because inventory continues to outpace actual sales, there are beginning to be a lot of substantial Price Reductions and many sellers will continue lowering their prices. The rest of 2024 will continue to see the market shift to more of a Buyer's Market. The good news for buyers is that if you can't win your first choise property there will be plenty of other options and perhaps you will find a seller more willing to negotiate on the price. The exception to this is for the homes which are in excelent condition and location. They always seem to attract buyers who are willing to pay a premium.

Connect with one of our Agents

Connect with one of our agents to get the inside scoop and help you with the best strategy for your specific situation. 

Did you know?

You can receive email notifications of properties for sale that fit your specified criteria? You can make it as broad or narrow as you choose. Most clients just use a price range, but it is also possible for example to only receive notifications for properties that have a ground floor bedroom or perhaps a specific property ID number.

Go to Advance Search Select the criteria of your interest and Search.

Then click Notify Me of Changes at the top of the results page.

Register your email and submit.

Any time there are new listings or price changes for properties within your specific criteria you will receive an email the next day with links to each property.

It's easy to Unsubscribe with one click.

If you are a Seller, you should subscribe to this list with a price range slightly lower and slightly higher than your property for sale. This will keep you aware of the properties that are your competition.