How Long It Takes to Sell Property in San Miguel de Allende

178 days

Median time to sell, listed to closed, H1 2026

181 closings in the AMPI MLS, per Mike Fanelli of The Agency San Miguel, a brokerage agent. Listings that never sold are not in it. Since: 173 days in July, 184 in August, 195 in September.

29.6 months

Average inventory, Jan-May 2026

Against 17.6 months a year earlier. The same source calls 15 to 18 months normal for this market.

265 days

Average days on market, Puerto Vallarta

May 2026; the publisher states no data source. San Miguel's H1 2026 average, on one brokerage agent's AMPI MLS reading, was 193 days.

~11.4%

Round-trip friction, worked example

Our arithmetic on a MXN 10 million sale: a 4.4% statutory floor to buy, 6.96% commission to sell, before any tax on gain.

Most questions about a property market are about price. This one is about whether you can get out, and how long that takes. It is the question a commissioned seller has the least reason to answer, and in San Miguel de Allende it is also the question with the thinnest evidence behind it.

Start with the finding that governs everything else on this page. Since 1 August 2026 there has been a measured answer, from one brokerage agent reading the local MLS: the median home sold in San Miguel de Allende in the first half of 2026 had been listed for 178 days before it closed. A second brokerage, Live In San Miguel, puts the median at 6.0 months from listing to closing across 323 sales from 7 January to 30 September 2026, on a report read on 8 October 2026. We have found nothing comparable by price band, and nothing exists by colonia.

Corrected 24 September 2026: earlier versions of this page said no days-on-market figure derived from MLS or closed-sale records existed for San Miguel de Allende. Since 1 August 2026 one is published, by a brokerage agent reading the AMPI San Miguel de Allende MLS, and this page now reports it.

How long does a sale take in San Miguel de Allende?

Mike Fanelli, an agent with The Agency San Miguel de Allende, publishes time to sell from closed-sale data in the AMPI San Miguel de Allende MLS, measured from the day a home was listed to the day it closed.

In August, 15 percent of closings had sold in under 90 days and 19 percent had been on the market for more than a year. In September, read on 5 October 2026, the share over a year was 19 percent again and the share under 90 days rose to 35 percent, while the median lengthened to 195 days: more quick sales and just as many very slow ones in the same month. The average running above the median in all three periods says what the price data says: a long tail of slow sales pulls the mean up.

Read it for what it is. Listed to closed includes the weeks between an accepted offer and the deed, so it runs longer than a days-on-market figure that stops at the contract. It is one firm’s count from one MLS, and that MLS may not capture all private sales. Its publisher earns a commission when property changes hands, and there is no public registry to check it against. Like every days-on-market figure everywhere, it counts only the homes that sold, a limit explained below. The market tracker carries each month’s figure as it is published.

Where does the 150-day figure come from?

A citywide average of approximately 150 days circulates widely. It is worth following to its source, because the trail is short.

The publisher carrying the figure attributes it to a Realty San Miguel market update. That update contains no days-on-market data at all. A second version of the same claim on the same publisher’s estate cites the 2020 INEGI census, which is a population and housing count and cannot produce a days-on-market figure under any methodology. A third version surfaced through a realtor’s social media post.

The same publisher also gives 60 to 120 days for well-priced homes in Centro, Guadalupe, San Antonio, Guadiana and Atascadero, and 180 to 365 days for overpriced luxury. A companion page gives 60 to 120 days for prime and 150 to 300-plus days for weaker listings. A search snippet attributed to it gives a median of 120 to 180 days. These are not four measurements that happen to disagree. They are four presentations of one estimate.

The figure may even be roughly right: the measured median for the first half of 2026 is 178 days. That is not the point. The 150-day figure was never measured, and a number that was never measured cannot be used to plan a sale.

A second objection applies to the measured figure as much as to the estimate. Days-on-market statistics are computed over listings that sold. Listings that failed to sell are excluded, so the statistic describes the successes and omits the failures. That is survivorship bias, it is present in every days-on-market figure in every market, and it is worst where the failure rate is highest.

San Miguel supplies its own illustration. Active listings fell from 860 in May 2026 to 745 in June. The source attributes that decline to withdrawals, expirations and sellers choosing other strategies rather than to sales. Those 115 properties left the listing pool without transacting. No source publishes a withdrawal rate, an expiry rate or a relist rate for this market, so the size of that shadow is unknown.

What can be measured: the supply side

Months of inventory is the other exit-relevant measure published here, and it is not the same thing as days on market. It is a stock divided by a flow: active listings divided by the rate at which listings clear. It describes the pool, not the individual property.

Two anchors matter for reading that table. The same brokerage states that San Miguel traditionally carries twelve or more months of inventory across most price ranges and that fifteen to eighteen months is normal here, on the argument that this is an almost entirely cash market whose absorption rate never resembles a mortgage-driven one. By that benchmark 29.6 months is 1.6 to 2 times normal. In March 2026 the same firm said inventory in several price ranges was as high as it had been since the period following the 2008 financial crisis, without publishing the bands or the counts.

The arithmetic underneath is worth doing explicitly, because it describes the pool rather than the sale. The market closed 404 resales in 2024, its most recently counted full year, which is about 34 a month. Against 860 active listings in May 2026, that implies roughly 25 months to clear the pool if nothing further were listed. That is our arithmetic, it mixes a 2024 flow with a 2026 stock, and it is not days on market. It sits in the same territory as the 29.6-month figure computed by the source from its own inputs, which is weak corroboration rather than confirmation.

The two measures together say more than either alone. The median home that sold took about six months. The pool as a whole would take two to two and a half years to clear. The difference is the listings that do not sell at the price asked, and the same report that gives the 178 days says, from weekly AMPI reports, that for every home that sold in the first half of 2026 another 3.2 came on the market (the report’s own monthly counts sum to 603 new listings against 181 closings, which is 3.3). A seller should plan on the six months and prepare to be in the tail.

How much below asking do homes sell for?

Mexico publishes no sale-to-list database, and no registry or association publishes a closed-price-to-asking-price ratio for San Miguel de Allende. Since August 2026 two brokerages have, and the provenance matters more than the value.

Only the first two rows are San Miguel data drawn from San Miguel transactions; both come from the weekly AMPI reports, which the first publisher flags as unverifiable against the sold archive. The two aggregator rows are the same estimate published twice. For September 2026 the same agent reports the median sale closing 5.4 percent below list, with 5 percent of sales at or above it, against 24 percent at or above asking in the first half. The September page does not say which data set that comes from or whether “list” means the final asking price, so it cannot be read as the 96 percent falling to 94.6. There is a further question to put to the 96 percent: the same report counts 339 price changes in the first half of 2026, 92 percent of them reductions, so the asking price a sale is measured against may already have been cut, perhaps more than once.

Corrected 8 October 2026: earlier versions of this page said one brokerage agent published a sale-to-ask figure and a time to sell. Live In San Miguel publishes both as well: 96 percent on 298 sales and a median of 6.0 months on 323, for 7 January to 30 September 2026 (read 8 October 2026). They quoted Realty San Miguel as saying twelve or more months of inventory is traditional across all price ranges; its update of 4 June 2026 says most. They said Centro carried about a quarter of the listings on the colonia page, where 220 of 595 is more than a third, and described a later state of that page which the reading of 5 October 2026 supersedes. The 3.2 new listings per sale is the source’s figure; its own monthly counts give 3.3.

Expect the gap between what sellers ask today and what homes clear at to be wider than any of these. One aggregator puts asking prices about 9.5 percent higher in nominal pesos than a year earlier, over a period in which the closed-sale average one brokerage publishes shows the average sale price falling 12.6 percent in dollars. Rising asks against falling closes is what produces 29.6 months of inventory. A sale-to-ask ratio cannot capture that gap, because the listings priced furthest from the market are the ones that never sell and so never enter it.

Why the market clears in time rather than in price

This is the mechanism that makes San Miguel slow, and it is not a defect. It follows from three structural facts, each of them sourced.

The market is almost exclusively cash. No source puts a percentage on that, but it is the consistent local characterisation, and mortgage rates available to foreign borrowers in Mexico are given by one publisher as 10 to 14.5 percent annually. Where there is no mortgage there is no lender, no margin call and no forced sale.

Carrying cost is low. Annual predial for urban built property runs on marginal rates of 0.234 to 0.354 percent, applied to fiscal value rather than market value, with a 15 percent discount for paying in full in January and a minimum annual charge of MXN 349.48. The ratio of fiscal to market value in San Miguel is published nowhere, so the statutory rate cannot be converted into a percentage of what a property cost. It is lower than the statutory figure, and probably well lower.

Prices are quoted in dollars. Academic work on San Miguel records that prices are quoted predominantly in dollars rather than pesos, which is why peso movements do not push dollar asking prices down. Spot USD/MXN strengthened across 2025 to close the year near 18.00 and stood at 17.46 on 23 July 2026 on the ECB reference rate. Annual averages are a different measure and should not be conflated with spot: the IRS yearly average was 18.330 for 2024 and 19.212 for 2025. A stronger peso raises the real dollar cost of renovation, labour, predial and closing charges. It does not lower the dollar price of the house.

Put the three together and a seller who dislikes an offer can decline it and pay almost nothing to keep waiting. Buyers gain time and negotiating room. They rarely gain distressed pricing. The mechanism that produces capitulation elsewhere does not operate here.

The buyer pool narrows fast away from the walkable core

The reason most foreign buyers give for choosing San Miguel is the walkable historic centre. That makes the buyer pool for car-dependent inventory materially smaller than the pool for everything else. It is a demand statement rather than a measured one, and we present it as reasoning.

What is published is where the listings sit. The table below is one brokerage’s own listing book by colonia, retrieved on 23 July 2026. It is not a market census, it mixes houses, condos and land, and the page has since changed beyond use: on 5 October 2026 it listed 253 colonias with counts summing to 11,200, against 814 active listings citywide, so whatever it now counts is not homes for sale.

Centro alone carries more than a third of the listings on that page, and about a quarter of the citywide count reported for May. Guadiana, Ojo de Agua and Atascadero each carry barely a dozen. Thin submarkets cut both ways for a seller: fewer competing listings, but also no comparable set, and a buyer pool small enough that a single interested party effectively sets the price.

The frictions that shrink the pool further are unmeasured. No source gives a verified walking time or distance in metres from any colonia to the Jardín. The times that circulate are self-reported by selling agents, undated and mutually contradictory: Guadiana is an easy flat 15-minute walk on one brokerage’s page and a 10-minute walk on another’s, and Ojo de Agua is a fifteen-minute downhill walk, which makes the return leg uphill at 1,900 metres of elevation. Atascadero, Ojo de Agua and Balcones are hillside; Guadiana, San Antonio and Guadalupe are flat. Slope drives construction cost and real walkability both, and no listing discloses it.

Access constrains the pool as well. San Miguel has no commercial airport. Bajío International handled 3.31 million passengers in 2025 and sits roughly 90 minutes away by road, as does Querétaro. That is the weakest airport catchment among the Mexican markets this site compares.

The top of the market

Twelve resale sales above US$2 million closed in 2025, down from 19 in 2024. That is roughly one closing a month above that threshold across the entire municipality.

Anything listed above US$2 million is competing in a queue served at about that rate. No inventory breakdown by price band is published, so the length of that queue is unknown, but the flow is not. The one luxury-market release published in 2026 is a Sotheby’s announcement describing one of the busiest first quarters in company history; it contains no sales counts, no dollar volume, no prices, no inventory and no days on market. It cannot be cited as evidence of liquidity or of anything else.

The aggregator estimate of 180 to 365 days for overpriced luxury is modelled, as is its forecast that stale luxury may require cuts of 5 to 10 percent over the twelve months from July 2026. Both are consistent with the observed contraction in US$2 million-plus volume. Neither is a measurement, and the measured citywide median of 178 days is not broken down by price band in anything we have found.

For branded product the record is emptier still. The only pricing page found for the Rosewood Residences carries no date, states a range of US$1.8 million to US$2.8 million, and says five residences remained unsold at the time of writing, which could be years stale. Whether any Rosewood Residence in San Miguel has ever resold is not documented anywhere. A segment with no observed resale has no observed exit, and marketing that implies otherwise is describing a hope.

What does it cost to buy and then sell?

Two figures on the buy side come from primary law, which makes them the most reliable numbers here. The example below is a MXN 10,000,000 property, about US$573,000 at the 23 July 2026 ECB reference rate of 17.46, which sits close to the 2025 average resale sale price of US$568,829.

That is a floor, not a bill. It excludes escrow, translation, gestoría and tax advice, and any notary fee above the residual scale, which is where real quotes sit because the scale applies only absent an agreement. Published total ranges for San Miguel run 5 to 6 percent from one independent outlet, 5 to 10 percent nationally from another, and 4 to 9 percent across brokerage estimates. None is derived from recorded transactions. The floor above is the part that can be verified.

The exit side is simpler and larger. The customary agent commission is 6 percent plus 16 percent IVA, an effective 6.96 percent, paid by the seller from proceeds; one aggregator gives 4 to 6 percent seller-paid instead. On the same MXN 10,000,000 sale that is MXN 696,000.

Add the two and the round trip is roughly MXN 1,141,000, about 11.4 percent of value, or about US$65,000. Before any capital gains tax on the sale.

Corrected 5 October 2026: earlier versions of this page counted the municipal appraisal at MXN 7,980, adding 30 percent for the authorisation of a private valuer’s work. Article 25 of the 2026 Ley de Ingresos para el Municipio de San Miguel de Allende sets that authorisation at 30 percent of the appraisal fee, in its place: “se pagará el 30% sobre la cantidad que resulte de aplicar las fracciones II, III y IV de este artículo.” The Treasury’s own appraisal fee on MXN 10,000,000 is MXN 6,138.88, which lowers the floor from MXN 446,723 (4.47 percent) to MXN 444,882 (4.45 percent) and the round trip from about MXN 1,143,000 to about MXN 1,141,000, still about 11.4 percent.

Corrected 24 September 2026: earlier versions of this page applied the ISAI rate to the full value, omitting the statutory deduction of ten annual UMAs (MXN 427,946.40 in 2026) under Article 338 of the Ley Hacendaria Municipal para el Estado de Guanajuato. ISAI on the MXN 10,000,000 example is MXN 362,007, not 379,125, which lowers the statutory floor from 4.64 to 4.47 per cent and the round trip from about 11.6 to about 11.4 per cent.

The tax layer, which is where short holds go wrong

A non-resident seller faces 25 percent of gross proceeds with no deductions whatsoever, or may elect to apply the top individual rate of 35 percent to the computed gain. Which is cheaper depends entirely on the size of the gain relative to the price. No Mexican representative is needed to make that election when the sale is by public deed, which corrects a claim repeated across expat and brokerage guidance.

Three provisions determine the gain, and all three work against a seller who was casual at purchase. The construction component of the cost basis must be depreciated by 3 percent for every year of ownership, floored at 20 percent of initial cost, before indexation. Where land and construction were not separated in the acquisition deed, land is deemed to be 20 percent of total cost, which is usually unfavourable here, where land is a high share of value. And deductible improvements exclude ordinary maintenance and in practice require complete facturas issued to the seller’s own RFC, because the notary calculates and remits the tax under personal responsibility. Home-country tax on the same sale is a separate calculation: see US taxes on selling Mexican property and Canadian taxes on Mexican property.

Anyone who declared a low value at purchase to reduce ISAI recovers that saving with interest at exit, because the understated price becomes the cost basis against which the whole gain is computed. Under Article 42 of the Ley Hacendaria Municipal, ISAI is assessed on the highest of registered fiscal value, transaction value or a certified appraisal under one year old, so the saving was limited to begin with.

The principal-residence exemption is narrower than commonly described. It caps the exempt sale price, not the exempt gain, at 700,000 UDIs, which was MXN 6,166,187 at the UDI value published for 10 July 2026, about US$353,000 at the 23 July reference rate. It sits in the part of the income tax law that applies to Mexican tax residents, so a non-resident cannot use it regardless of nationality. It also requires that no other home has been sold with the exemption claimed in the preceding three years, while the notary’s mandatory query to the tax authority still looks back five, an unconformed artefact of a 2015 reform that both texts preserve.

One point runs the other way. San Miguel sits outside Mexico’s restricted zone, so foreign owners hold direct title and there is no bank trust to assign and no trustee consent to obtain at closing. Coastal sellers deal with both. It removes a step rather than changing the timeline materially, but it is a genuine structural advantage and it is rarely credited.

What would have to exist for this page to be shorter

A days-on-market series by price band and by colonia. A sale-to-list ratio that can be checked against closed records. A withdrawal and expiry rate, so failed listings could be counted. A relist rate. A time-to-second-sale series for foreign-owned property, which is the only thing that would actually answer the question in the title. An inventory breakdown by price band. Any of these from a body without a commission motive.

None exists. A citywide median time to sell has existed since August 2026, and it is the most useful figure this page has had; it is not broken down by band or colonia in anything we have found, and it comes from a brokerage agent. The Guanajuato Registro Público de la Propiedad publishes no compraventa statistics. AMPI San Miguel de Allende publishes listings and an agent directory and nothing else; we checked directly on 23 July 2026. The shared local MLS publishes nothing itself. Brokerages’ readings of it are the entire evidentiary base, and every one of them earns a commission when a property changes hands.

The summary is short. San Miguel is a good place to own and a slow place to sell: about six months from listing to closing for the median home that sold in the first half of 2026, on one brokerage agent’s count, and longer for the ones that did not sell at all, which nobody counts. The friction is about 11.4 percent of value round trip before tax, the appreciation rate that would offset it has never been measured, and the mechanism that forces sellers to cut prices elsewhere does not operate here. A buyer with a horizon under five years is not buying an asset with an exit on demand, and should model that explicitly rather than assume it away.

This is published research, not legal or tax advice. Your notario is the legal authority on your transaction. We have no financial interest in whether it closes.