Quarterly · Q3 2026 edition · 80 pages · Free
The SMA Wealth Intelligence Report The one no agent will send you.
An independent quarterly reading of the San Miguel de Allende property market, for people deciding whether, where and how to buy. The Q3 2026 edition runs to 80 pages and opens with a digest you can read in ten minutes. Every figure is sourced and dated, and anything we cannot source is named as a gap rather than estimated. Written by Diego Lujan. No commission agenda, because we do not earn one.
- 01
Fewer sales, more listings
Closings through August 12.5 per cent behind 2025, 814 homes listed, supply at 1.6 to 2 times what this market calls normal, and why June's fall in listings was sellers withdrawing rather than buyers buying.
- 02
What homes actually sold for
The closed-sale median the previous edition said did not exist: $480,000 across the first half of 2026, the monthly figures since, and why a monthly median is a change in what sold and not in what homes are worth.
- 03
Six neighbourhoods, compared
Centro, Guadalupe, San Antonio, Guadiana, Ojo de Agua and Los Frailes on published asking ranges, with a dossier on each and a plain account of what cannot be measured at this level.
- 04
Short-term rental yields
The distribution rather than the best case, the permit and the three taxes, and one property modelled two ways from gross booking to what you keep.
- 05
San Miguel against five other markets
Merida, Oaxaca, Puerto Vallarta, Lake Chapala and Tulum, including the rows where San Miguel loses and the comparisons that cannot honestly be made.
- 06
The full cost of buying, holding and selling
Closing costs from the statutes rather than the brochures, the acquisition tax with the deduction most estimates miss, predial, the currency, and the capital gains exit modelled at purchase.
- 07
The law, and the ten questions to ask
Why no fideicomiso is needed here, what the notario does and does not do for you, ejido land, and ten questions to put in writing before you sign anything.
- 08
A briefing for your situation
Separate notes for the US retiree, the Canadian, the European, the Mexican national, the rental investor, the buyer viewing remotely, and cash against financing.
- 09
What to watch, without a forecast
Three sets of conditions and the monthly signals that tell you which is unfolding. No price forecast, because the evidence cannot support one.
- 10
What our last edition got wrong
The previous edition was audited line by line against its sources before this one was written. Every error found is printed, with the figure that replaces it.
Read the first page before you decide
Fewer sales, more listings, no measured change in price. And what our own Q2 edition got wrong.
| Indicator | 2026 | Comparable 2025 | Direction |
|---|---|---|---|
| Median closed sale price, 1 January to 24 June (Fanelli) | $480,000 | not published | Cannot be computed |
| Median time to sell, 1 January to 24 June (Fanelli) | 178 days | not published | Cannot be computed |
| Closings, January to August (Realty San Miguel) | 253 | 289 | Down 12.5% |
| Active resale listings, May (Realty San Miguel) | 860 | 593 | Up 45% |
| Active resale listings, August (Realty San Miguel) | 814 | not published | Down 46 from May |
| Average months of inventory, January to May (Realty San Miguel) | 29.6 | 17.6 | Up 68% |
| Months of inventory, August (Realty San Miguel) | 30 | not published | Near 20 in July |
| Average sale price, full prior year (Realty San Miguel) | $568,829 (2025) | $650,462 (2024) | Down 12.6% |
| Resale sales above $2m, full prior year (Realty San Miguel) | 12 (2025) | 19 (2024) | Down 7 |
Mike Fanelli, The Agency San Miguel de Allende, first-half report dated 1 August 2026; Realty San Miguel, monthly updates published between 14 January and 9 September 2026. Both are commissioned brokerages reading the AMPI MLS, and no public registry publishes San Miguel transaction data. The changes in the last column are our arithmetic, except the 45 per cent rise in listings, which the firm states.
From the executive digest of the Q3 2026 edition. The remaining 79 pages explain each of these numbers, what they do not show, and what they mean for a buyer. Every edition and every correction is in the archive.
Before you hand over your email
Is the report actually free?
Yes. No card, no trial, and no call booked before you can read it. The download starts on the next screen. We ask for your name, email and country, and which of five situations describes you, so we can tell you when the next edition is out and because the analysis that is useful to a Canadian buyer is not the analysis that is useful to a Mexican one, or to an agent advising a client.
What do you do with my email address?
We email you when a new edition is published and, at most about once a month, when the numbers change. There is nothing to buy in any of them. We do not sell, rent or share the list, and we do not pass it to agents or brokers. You can ask us to stop, or to delete your details, at any time.
Will an agent call me after I download this?
No. The phone field is optional, and a number you leave stays with us: the only person who would ever use it is Diego, who writes the report. We do not list properties, we do not represent buyers or sellers, and we earn nothing when you transact. There is no agent on the other end of this form.
Who writes it?
Diego Lujan, who founded Invest In San Miguel in 2025 and divides his time between San Miguel de Allende and Austin, Texas. Every figure is traced to a named source and dated. The methodology page sets out the rules we follow, and the things this market does not let anyone know.
How current is the data?
The report is revised quarterly and every figure carries its publisher and the date it was read. Before the current edition was written, the previous one was audited against its sources and the finished draft was checked again by a second reader who had not seen the audit; what they found is printed in the report. Where a number cannot be sourced, the report says so rather than estimating. Every past edition stays available in the archive, with its corrections.