Resale activity in San Miguel continues to show strength, with all properties Under Contract outpacing last year’s performance. As of the end of July, 279 properties were under contract in 2026 compared to 262 during the same period in 2025. A notable portion of this year’s activity, however, has come from lot sales, which has kept resale home closings slightly behind last year’s pace. Through July 2025, 258 homes had closed, compared to 226 so far this year.

 Inventory saw a significant shift this month, rising to 805 resale homes on the market. This follows a jump to 860 in May and a decline to 745 in June. As we noted last month, changes in inventory—whether upward or downward—can meaningfully influence how both buyers and sellers perceive the market. Rising inventory can create a sense of expanded opportunity for buyers, while sellers may feel increased pressure to position their homes competitively. Conversely, declining inventory often reinforces confidence among sellers and urgency among buyers.

Market Outlook Analysis

U.S. real estate activity remains one of the key benchmarks we monitor, as trends north of the border often echo through the San Miguel market. While conditions here remain solid, the National Association of Realtors’ July report captured the current tone well, describing the U.S. market as “coasting but not outright decelerating.” That characterization fits San Miguel’s environment too—steady, active, and resilient, even amid shifting external indicators.

In the U.S., asking prices have declined for nine consecutive months at a near‑record pace. However, median list prices have only slipped 2.4% year over year, suggesting that while sellers are adjusting expectations, the broader market is experiencing moderation rather than a sharp correction.

External Market Influences

In addition to the U.S. housing landscape, our team closely tracks both U.S. and global geopolitical developments. These external factors can impact the San Miguel de Allende resale market quickly and significantly, and staying ahead of them allows us to provide the most accurate guidance possible.

Thank you for your continued trust in Realty San Miguel for all your real estate needs. We are proud to hold a 4.9‑star rating on Google Business Reviews, and we remain dedicated to providing both buyers and sellers with the highest level of representation.

Philip Hardcastle

A Note on Inventory and Market Dynamics

As you review the sales data, it’s important to remember that San Miguel traditionally carries twelve or more months of inventory across most price ranges—even during strong market cycles. In fact, fifteen to eighteen months of inventory is considered normal for our market.

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 mortgage‑driven markets often measure inventory in days or weeks rather than months.