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The Report · Archive

Every edition, kept permanently

Including the parts we got wrong. Where a later edition corrected an earlier one, the correction is published against the edition it applies to.

Most market commentary in San Miguel de Allende has a short and convenient memory. Forecasts that age badly are quietly replaced, and the version you can find today is the one that happens to look right. We publish quarterly and we leave every edition up, so you can read what we said before the outcome was known and judge the methodology on its record rather than on its latest claim.

Q2 2026

Current edition

62 pages · Published 27 July 2026

The market cooled. The Q1 narrative did not survive contact with the Q2 data.

Inventory rose sharply through the first half of 2026 and months-of-supply roughly doubled against the same period in 2025. This edition sets out what changed, corrects two figures the Q1 edition carried, and states plainly which numbers in this market cannot be sourced at all.

  • Months of inventory averaged 29.6 for Jan–May 2026, against 17.6 a year earlier
  • Active listings peaked at 860 in May 2026, up roughly 45% year on year
  • No public registry publishes SMA transaction data — every figure traces to one brokerage
  • The widely cited "504 closings in 2025" was never published by anyone
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Free, and no card. The download is immediate, then roughly one email a month when the data is revised. No agent will call you, we do not sell or share the list, and every email has an unsubscribe link that works immediately.

Q1 2026

Archived

23 pages · Published 1 April 2026

A record year by volume, and a bifurcated market underneath it.

The first edition. Covered the 2025 transaction year, the divergence between rising volume and falling average price, the short-term rental yield distribution, and a five-market comparison.

Corrected by a later edition

  • Stated 504 resale closings in 2025 as a reported figure. It was never published by any source: 404 closings were reported for 2024 alongside a 24.68% increase for 2025, and 504 is the product of the two. Q2 2026 restates it as implied.
  • Described January 2026 as a decisive rebound. On the fuller first-half data that reading did not hold; inventory rose materially through Q2. Q2 2026 revises the outlook.

The archived PDF is the edition exactly as published, with a correction notice bound onto the front of it. We have not edited the pages themselves.

Get this archived edition

Free, and no card. The download is immediate, then roughly one email a month when the data is revised. No agent will call you, we do not sell or share the list, and every email has an unsubscribe link that works immediately.