Market Digest

Market Digest: April 2026

Market trends and Leica sales from the past month

Market trends and Leica sales over the past month

This month, we analyzed 248 transactions across the secondary market. The story this April: classic film bodies tightened their grip on the market, the M11-P premium nearly vanished, and the Q3 43mm continued slipping below its 28mm sibling for a third straight month.

If you've been weighing a digital M purchase, the M11-P at $5,997 average is the first real buyer's window since launch. If you're selling a clean M6, the gold-standard rangefinder just hit a new high. Read on for what's moving, what's not, and where the smart money is heading.

Speaking of opportunity: four standout listings just dropped on Summimarket. A Q2 and a Q2 Monochrom (both Q models held their value better than the Q3 43mm this month, see below), a Summilux 35mm f/1.4 ASPH to pair with any M body, and a Leica SF 40 Flash to round out a working kit. With Q-family pricing softening at the high end, this is a window worth watching. Browse the live auctions.

Ready to see the trends in action? Explore our interactive database at Summimarket and gain an edge in your next Leica purchase or sale.

Q Series

The Q family put up 58 sales in April, holding its position as one of the most liquid segments on the secondary market. Pricing diverged sharply by model: the Q1 and Q2 firmed up, the Q3 28 held flat, and the Q3 43 continued its slide.

Q3 28mm:

14 sales
Price range: $3,500–$6,073
Average: $5,197
Monthly trend: +0.9% vs. historical

The standard Q3 stabilized after a soft February and recovered to within $300 of its all-time average. Mint examples with box and accessories cleared $5,500+, while user-grade copies with grips and add-ons settled in the $5,100 range.

Q3 43mm:

7 sales
Price range: $4,000–$6,299
Average: $4,878
Monthly trend: -17.0% vs. historical

The Q3 43 posted its third consecutive month below $5,000 average. What was a $1,400+ premium over the 28mm version last November has now flipped: the 43mm is selling for $139 less than the 28mm on average. The APO-Summicron premium that justified the launch price hasn't held up against the larger pool of 28mm buyers.

Q2:

19 sales
Price range: $2,782–$3,900
Average: $3,413
Monthly trend: +3.1% vs. historical

The Q2 ticked up slightly from March's $3,363 average and remains the volume sweet spot for compact full-frame Leica. Two Reporter Editions traded: one at $3,500 and another closer to fair-condition pricing at $2,350. Standard examples in clean shape clustered tightly between $3,200 and $3,700.

Q2 Monochrom:

4 sales
Price range: $2,650–$4,425
Average: $3,644
Monthly trend: -8.7% vs. historical

April's Q2M average represents a partial recovery from February's $3,265 low. Volume thinned out, but the price range is wider than usual; buyers willing to wait can find clean copies around $3,000.

Original Q (Typ 116):

14 sales
Price range: $2,075–$2,800
Average: $2,315
Monthly trend: +4.7% vs. historical

The original Q gained ground in April. A Safari edition cleared $3,450 and a stealth-finish Q-P sold for $2,880, but the workhorse pricing for clean standard Typ 116 bodies sat firmly at $2,150–$2,400. Heavy-use copies are still landing under $1,500.

Digital M Series

The Digital M segment is where April's most interesting story unfolded. The M11-P, normally commanding a $1,500–$2,000 premium over the standard M11, sold for an average of $5,997, just $58 above the standard M11. That's a near-total collapse of a premium that has defined the model since launch. Meanwhile, legacy CCD bodies kept climbing.

M11 Family:

M11: 7 sales | $5,699–$6,650 | $6,279 avg (-0.5%)
M11-P: 5 sales | $4,000–$7,488 | $5,997 avg (-19.1%)
M11-D: 1 sale | $6,000 (-19.7%)
M11 Monochrom: 2 sales | $6,417–$10,250 | $8,334 avg (+10.2%)

The M11-P story dominates. Across eight months of data, the M11-P typically traded $700–$2,100 above the standard M11. April flipped that to a $58 premium. The Monochrom moved in the opposite direction: one mint example cleared $10,250, pulling the average up sharply.

M10 Family:

M10: 7 sales | $3,300–$4,975 | $4,126 avg (+0.3%)
M10-P: 1 sale | $4,500 (-7.1%)
M10-R: 2 sales | $4,000–$6,000 | $5,000 avg (-9.1%)
M10 Monochrom: 2 sales | $3,500–$4,500 | $4,000 avg (-27.5%)

The M10 itself remained stable, but the M10-M average reflects a sharp pullback from prior months. Both M10-M sales in April were described as "Full Box" examples and still landed under $4,500, a clear softening from the $5,500+ levels we tracked late last year.

Legacy Digital:

M (Typ 240): 4 sales | $2,400–$4,450 | $3,484 avg (+32.0%)
M-P (Typ 240): 2 sales | $3,400–$3,600 | $3,500 avg (+13.2%)
M (Typ 246): 2 sales | $3,550–$4,675 | $4,112 avg (+20.3%)
M9-P: 3 sales | $4,100–$4,650 | $4,299 avg (+18.6%)
M8: 4 sales | $2,099–$2,650 | $2,133 avg (+2.8%)

The Typ 240 pulled in a $4,450 sale this month (a Mr. Porter Edition at $3,800 plus a kit with a Summicron) and the Typ 246 monochrom sensor continues to attract a premium. The M9-P at $4,299 average represents a 19% lift over historical levels, with a Kolari-upgraded sample selling at $4,100 and a low shutter-count example clearing $4,650.

Film M Series

Film bodies posted 129 sales in April, accounting for 73% of all M-series transactions, the highest film share in our six-month tracking window. The market is voting clearly: when buyers reach for a Leica M this month, three out of four picked a film body.

M6 (Non-TTL):

25 sales
Price range: $2,000–$4,335
Average: $3,093
Monthly trend: +10.5% vs. historical

The M6 set a new monthly average high. A CLA'd mint kit with a Summicron 50/2 cleared $4,335, while two Titanium variants landed at $3,230 and $3,760. Clean 0.72 bodies in standard finishes sat in the $2,800–$3,200 sweet spot.

M6 TTL

18 sales
Price range: $3,000–$4,500
Average: $3,590
Monthly trend: +9.4% vs. historical

The M6 TTL matched its highest monthly volume in our database (tied with January). Almost-unused examples in box cleared $4,400–$4,500. The TTL premium over non-TTL widened back to roughly $500, near its historical norm after compressing in March.

Classic Film Bodies

M3: 29 sales | $875–$2,250 | $1,496 avg (-1.2%)
M2: 11 sales | $899–$2,700 | $1,829 avg (+12.4%)
M4: 6 sales | $1,790–$2,500 | $2,198 avg (+16.8%)
M4-2: 6 sales | $1,895–$2,600 | $2,191 avg (+20.3%)
M4-P: 8 sales | $1,950–$2,250 | $2,143 avg (+0.4%)
M5: 9 sales | $1,300–$1,999 | $1,588 avg (+7.7%)
M7: 5 sales | $2,000–$3,750 | $3,200 avg (-12.3%)
MP: 7 sales | $2,500–$5,440 | $4,058 avg (-2.2%)
M-A: 3 sales | $4,092–$4,999 | $4,394 avg (+9.9%)

The M3 remains the volume king with 29 sales, though it pulled back to $1,496 average after February's $1,781 peak. Black paint repaints commanded $2,299–$2,500 versus chrome examples in the $1,200–$1,700 range; the finish premium remains intact even as base prices soften.

The M4-2 was the biggest mover by percentage, gaining 20.3% over historical averages. A 100th Anniversary Oscar Barnack Gold Edition sold for $5,200 (excluded from the average), while standard black bodies clustered tightly at $2,000–$2,261.

The M7 stands out as the only film body in negative territory. April's $3,200 average is down from March's $3,785 and continues a softening trend that began last summer.

SL System

The SL system saw 13 sales in April with mixed results across the lineup. The SL3-S softened notably while the original SL Typ 601 and SL2 held near recent levels.

SL Family

SL3: 2 sales | $5,296–$6,999 | $6,148 avg (+16.2%)
SL3-S: 4 sales | $3,500–$3,900 | $3,667 avg (-18.0%)
SL2: 5 sales | $1,980–$2,250 | $2,106 avg (-2.6%)
Original SL (Typ 601): 2 sales | $1,147–$1,425 | $1,286 avg (-9.3%)

The SL3-S tells the most interesting story this month: four April sales averaging $3,667, down from a $4,469 historical average. One brand-new Reporter Edition SL3 lifted that model's monthly average to $6,148, but on standard bodies the SL3 has settled into a tight $5,300 range. The original SL pulled back below its January–February pricing; at under $1,300, it remains the cheapest entry into L-mount.

Hidden Market Trends

1. The M11-P Premium Has Collapsed

For most of 2025, the M11-P traded $700–$2,100 above the standard M11 thanks to the sapphire glass, discreet branding, and "professional" badge. April broke that pattern: the M11-P averaged $5,997 versus the M11 at $6,279, putting the standard M11 at a $282 premium over its supposedly more desirable sibling. The lowest M11-P sale was $4,000, well below any standard M11 sale this month, and the trend has been weakening in the data since October 2025. For buyers, the M11-P is now the clear value play in the digital M lineup. For sellers: feature differentiation does not protect resale value when the broader market softens, so price to compete with standard M11s rather than holding out for the old premium.

2. The Q3 43mm Inversion Has Persisted

When the Q3 43mm launched in 2024, it commanded a premium over the 28mm thanks to its APO-Summicron lens. That premium peaked at $1,415 in November 2025, disappeared in February 2026, and April marks the third consecutive month with the 43mm trading below the 28mm (a $139 gap this month). This is a structural shift, not a blip: the 28mm's wider-angle versatility appeals to a larger buyer pool willing to pay more on the used market. If you've been waiting on a Q3 43mm sale at "fair value," that value has moved against you; if you're buying, the 43mm at sub-$5,000 is one of the most underpriced lens-and-body combinations in current Leica gear.

3. Film Now Owns 73% of M Sales

The film versus digital M split has been drifting in film's favor for months: 70% in November, 73% in April (129 film transactions versus 48 digital), the highest film share in our tracking period. The driver isn't a single hot model. The M3, M6, M6 TTL, M2, M4, M4-2, M4-P, M5, MP, M7, and M-A all posted multiple sales in April. Buyers are actively choosing analog across price points and decades. For sellers of digital M bodies (particularly softening current-generation models like the M11-P) this matters: the buyer pool in your category is shrinking even as the overall market holds up, so pricing aggressively to move is the rational call right now.