Market Digest

Market Digest: February 2026

Market trends and Leica sales from the past month

Market trends and Leica sales over the past month

This month, we analyzed 311 transactions across the secondary market to bring you an insider's guide to the trends shaping Leica resale values. Discover which models are on the rise, where value is holding steady, and how you can make smarter buying decisions.

Legacy CCD digital bodies like the M9 are surging by more than 26%, and classic film favorites like the M3 just posted their highest monthly sales volume in our database: 43 transactions. If you've been waiting for the right time to jump into film Leica, the selection has never been better.

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 Series remains the most liquid segment on the secondary market with 84 transactions this month. Prices have softened across all variants, a trend we've tracked since late 2025. That makes this a prime moment for Q buyers. Speaking of prime buying opportunities, a Q2 complete with a Leica flash just dropped at Summimarket. Don’t miss your chance to check out the auction and place your bid!

Q3 28mm:

18 sales
Price range: $3,104–$5,851
Average: $4,901
Monthly trend: -4.7% vs. historical

The flagship Q3 continues to see healthy volume but pricing has drifted below the $5,000 mark on average for the first time in our dataset. Mint-in-box examples still clear $5,500+, but user-grade copies are regularly trading under $4,500. With 18 sales this month, demand remains strong; it's the supply side that's pushing prices down.

Q3 43mm:

6 sales
Price range: $3,899–$6,250
Average: $4,848
Monthly trend: -18.2% vs. historical

The 43mm variant saw the steepest percentage decline in the entire Q family. February's $4,848 average represents a significant drop from the historical $5,930. The APO-Summicron 43mm lens commands a premium, but that premium has narrowed considerably. At current prices, the Q3 43 is closing in on the Q3 28, a reversal from six months ago.

Q2:

36 sales
Price range: $2,170–$4,065
Average: $3,131
Monthly trend: -5.8% vs. historical

The Q2 remains the volume leader in the Q family with 36 transactions—nearly double the Q3. At $3,131 average, it delivers roughly 90% of the Q3 experience at 64% of the cost. The Reporter variant sold for $3,600 (a slight premium), while the sweet spot for standard models sits around $3,100–$3,300.

Q2 Monochrom:

7 sales
Price range: $2,183–$4,300
Average: $3,265
Monthly trend: -18.8% vs. historical

The Q2M posted the largest price decline of any Q body this month. At $3,265 average, down from a historical $4,018, this is the first time we've seen the Q2M trade below $3,300 on average. If you've been waiting to enter the dedicated black-and-white world, this could be a compelling entry point.

Original Q:

17 sales
Price range: $1,569–$2,827
Average: $2,150
Monthly trend: -3.2% vs. historical

The original Q continues to serve as the entry point into Leica's fixed-lens ecosystem. Prices are holding relatively steady compared to the rest of the Q family, with a modest 3.2% decline. Strong volume at 17 sales shows continued demand at the sub-$2,500 level.

Digital M Series

The digital M segment tells two stories this month. Current-generation M11 variants are softening, with the M11-P down a notable 19.6%. Meanwhile, legacy bodies, particularly the M9 and M (Typ 246), are surging in value.

M11 Family:

M11 (standard): 7 sales | $5,200–$9,555 range | $6,820 avg
M11-D: 3 sales | $4,400–$7,799 range | $6,619 avg
M11-P: 3 sales | $3,570–$7,500 range | $5,957 avg (monthly trend -19.6%)

The M11 posted a 8.0% gain over its historical average, but dig deeper and there's a clear split: standard black chrome bodies averaged $5,850, while Black Paint variants commanded $8,114, a 39% premium for the finish alone. The M11-P's 19.6% decline is the most notable shift in the digital M segment; at $5,957, it's approaching standard M11 territory.

M10 Family:

M10: 1 sale | $4,500
M10-P: 2 sales | $3,500–$5,995 | $4,748 avg
M10-R: 2 sales | $5,750–$8,500 | $7,125 avg (monthly trend +30.2%)
M10-M: 4 sales | $6,000–$9,000 | $6,938 avg (monthly trend +28.3%)

The M10 Monochrom is the standout gainer here, jumping 28.3% over its historical average to $6,938. The M10-R is also climbing sharply at +30.2%. Both cameras offer resolution and character that continue to attract shooters who prefer the M10 form factor over the M11.

Legacy Digital:

M9: 6 sales | $2,475–$4,600 | $3,579 avg (monthly trend +26.2%)
M8: 9 sales | $1,412–$3,600 | $2,305 avg (monthly trend +11.4%)
M (Typ 240): 10 sales | $2,250–$3,103 | $2,784 avg (monthly trend +8.0%)
M (Typ 246): 5 sales | $3,100–$4,200 | $3,751 avg (monthly trend +11.4%)

The M9's 26.2% surge is the biggest story in Digital M this month. Bodies with new Kolari CCD sensor replacements are trading around $3,000–$3,750, while original-sensor bodies with low shutter counts command $3,900+. The Typ 240 and 246 both continue their steady climbs, the 240's video capability and the 246's monochrome CCD sensor are driving demand from shooters who value rendering over resolution.

Film M Series

Film bodies dominated February with 138 transactions, 44% of all sales. The analog market is deep, liquid, and showing no signs of slowing down. The M3 posted a remarkable 43 sales, making it the single highest-volume model in our entire dataset this month.

M6 (Non-TTL):

24 sales
Price range: $2,210–$3,900
Average: $2,911
Monthly trend: +5.1% vs. historical

The M6 continues to be the gold standard of the used Leica market. February's $2,911 average is up 5.1% over historical. The Titanium variants ($3,200–$3,700) and custom finishes (blue paint at $3,300) command premiums, while clean 0.72 examples in standard black or silver sit in the $2,600–$2,900 sweet spot.

M6 TTL

9 sales
Price range: $2,250–$4,000
Average: $3,349
Monthly trend: +0.6% vs. historical

The TTL variant trades at a roughly $400 premium over non-TTL equivalents, consistent with what we've seen historically. Higher viewfinder magnifications (0.85) continue to command additional premiums.

Classic Film Bodies

M3: 43 sales | $1,075–$2,501 | $1,668 avg (monthly trend +12.2%)
M2: 14 sales | $1,025–$2,600 | $1,599 avg (flat)
M4: 11 sales | $1,300–$3,015 | $2,046 avg (monthly trend +9.9%)
M4-P: 8 sales | $1,800–$2,600 | $2,191 avg (monthly trend +3.6%)
M5: 4 sales | $1,400–$1,500 | $1,450 avg (monthly trend -4.3%)
M7: 11 sales | $3,200–$4,000 | $3,590 avg (monthly trend -1.7%)
MP: 4 sales | $4,000–$5,500 | $4,559 avg (monthly trend +9.3%)

The M3 story is remarkable: 43 transactions with a 12.2% price increase. Black repainted bodies averaged $2,530 versus $1,674 for standard chrome, a 51% premium for the aesthetic. CLA'd examples by well-known technicians (DAG, Ye) consistently sell above average. The M4-2 posted the biggest gain at +27.4%, though on limited volume.

The MP continues its quiet climb at $4,559, up 9.3%. As a current-production film body with no meter and no electronics, it occupies a unique position as both a shooting tool and long-term collectible.

SL System

The SL mirrorless system had its strongest February showing with 21 sales across the lineup. Pricing is mixed, but the original SL (Typ 601) is experiencing a notable resurgence.

SL Family

SL3: 4 sales | $4,749–$7,099 | $5,742 avg (monthly trend +9.4%)
SL3-S: 1 sale | $4,799
SL2: 8 sales | $1,895–$3,200 | $2,421 avg (monthly trend +14.0%)
SL2-S: 2 sales | $1,500–$2,150 | $1,825 avg (monthly trend -12.7%)
Original SL: 6 sales | $1,300–$2,400 | $1,638 avg (monthly trend +25.0%)

The SL3 appreciated 9.4% to $5,742—up sharply from January's $4,846 average. The SL2 at $2,421 is up 14% from historical averages, positioning it as one of the best values in the L-mount system.

But the real story is the original SL at $1,638 average—up 25% from historical levels. At under $1,700, you get access to the entire L-mount ecosystem in a body built like a tank. These cameras are workhorses, and the market is finally recognizing it.

Hidden Market Trends

1. The CCD Premium Is Accelerating

Bodies with CCD sensors are outperforming CMOS across the board. The M9 (+26.2%), M (Typ 246) Monochrom (+11.4%), and M8 (+11.4%) are all climbing while current-generation CMOS bodies soften. This isn't just nostalgia—it's a fundamental shift in how the market values rendering character. CCD bodies produce a look that can't be replicated with software, and as that reality sinks in, prices are rising accordingly. Kolari-upgraded M9 sensors are now trading at a clear premium, indicating buyers are willing to invest in long-term CCD viability.

2. The M3 Volume Explosion

The M3 posted 43 transactions in February—more than any other single model and up from 41 in January. To put this in perspective, the M3 outsold the Q3 by more than 2:1 and outpaced the M6 by nearly 80%. At $1,668 average (up 12.2%), the M3 offers the most affordable entry point into the classic Leica M rangefinder experience. The market's message is clear: at this price point, the M3 is not just a collector's item—it's the volume king.