We are pleased to announce that by early October, we had already surpassed the total sales volume of 2024— and we still have two more months in 2025!

Sales Overview

Resale activity across all price ranges slowed in October. Notably, specific price segments experienced significant declines. For instance, there was only one resale each in the price ranges of $600k-$800k and $1M-$1.5M, which resulted in showing unusually high months of inventory for those segments.

 As you review the sales data below, keep in mind that San Miguel typically maintains twelve or more months of inventory in every price range, even during boom years. Thus, fifteen to eighteen months of inventory is considered standard. Moreover, since San Miguel predominantly operates as a cash market, our statistics will never align with those of the U.S. or Canada where inventory is measured in days versus months.

MLS System Transition

As mentioned last month, AMPI San Miguel has officially chosen a single MLS provider, facilitating the transition process. We continue to see improvements in the accuracy of the listings on our site and are diligently working to close any gaps to ensure a reliable and transparent representation of the San Miguel real estate landscape.

Market Outlook Analysis
The slowdown in residential resales is somewhat expected this time of the year although October was slower than we had anticipated.

Our hope lies in the fact that snowbirds generally start arriving during November with a substantial uptick after Thanksgiving. There is another rush to arrive in San Miguel for Christmas and New Years, and January through April receives the largest group of snowbirds.

In this report there are some red flags for sellers, particularly with the increasing months of inventory in several price ranges. High inventory always puts downwards price pressure on sellers. To overcome the high inventory, it is important for sellers to consider how their home will be perceived in the eyes of potential buyers as compared to the other homes being offered within your price range. 

While adjusting the price is a straightforward solution, it should not be the only focus. I suggest taking care of any differed maintenance or painting to ensure that your home is not perceived as “needing work” or a “fixer upper” which the majority of buyers avoid.

External Market Influences

The U.S. resale market currently has an excess of inventory relative to buyers, which is putting downward pressure on prices and slowing sales volumes.  A slight decline in interest rates may stimulate buyer interest, though this could be offset by a large number of layoffs by major companies which may impact overall market confidence.

We continue to monitor both US and global geopolitical trends as they can significantly influence our San Miguel de Allende resale market. 

Thank you for your continued trust. Our goal is to provide open communication and transparent guidance as the market evolves.

 Regards,

Philip Hardcastle