Market Digest

Market Digest: January 2026

Market trends and Leica sales from the past month

Over the past month, we analyzed 372 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.

If you've been eyeing an M11 or Q3, January worked in your favor. Prices on current-generation bodies have softened across the board. Older digital M bodies, such as the M9 and M240, are climbing in value, while film bodies continue to appreciate steadily.

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 of the used Leica market. January saw modest price softening across all variants, presenting opportunities for value-conscious buyers.

Q3 28mm:

20 sales
Price range: $3,499-$5,640
Average: $4,778
Monthly trend: -7.8%

The flagship Q3 continues to see healthy volume with pricing down nearly 8% from historical averages. Buyers seeking mint examples with original packaging can still command premiums above $5,400, while shooters can find excellent user copies under $4,000.

Q3 43mm:

8 sales
Price range: $5,700-$6,150
Average: $5,886
Monthly trend: -0.8%

The 43mm variant maintains its premium positioning with the tightest price range in the Q family. Limited used inventory keeps values stable—the narrow $450 spread indicates consistent demand across condition grades.

Q2:

19 sales
Price range: $2,400-$4,000
Average: $3,217
Monthly trend: -3.3%

The Q2 offers compelling value for those who don't need the Q3's tilting screen or improved autofocus. At $3,200 average, it delivers approximately 90% of the Q3 experience at 67% of the cost.

Q2 Monochrom:

10 sales
Price range: $3,500-$4,500
Average: $3,940
Monthly trend: -1.9%

Monochrom bodies hold value exceptionally well. The Q2M continues to attract dedicated black-and-white shooters, with prices staying remarkably stable against the broader market softening.

Original Q:

22 sales
Price range: $1,573-$2,875
Average: $2,119
Monthly trend: -5.1%

The original Q remains the entry point into Leica's full-frame fixed-lens ecosystem. Strong January volume shows continued demand at this price point, though buyers should be aware of the aging EVF and slower autofocus compared to newer variants.

Digital M Series

The digital M segment shows a bifurcated market: flagship M11 variants are softening while older CCD-sensor bodies and Typ 240 variants are appreciating strongly—a notable shift from 2025 trends.

M11 Family:

M11 (standard): 9 sales | $6,100-$6,453 range | $6,209 avg
M11-P: 4 sales | $7,199-$7,400 range | $7,266 avg
M11 Monochrom: 3 sales | $3,500-$6,750 range | $5,035 avg (monthly trend -33.5%)

The M11 has found its floor around $6,200, with the tightest price range (just $353) we've ever tracked. Both silver and black variants have been trading at similar levels.

M10 Family:

M10: 12 sales | $3,324-$4,999 range | $4,166 avg
M10-P: 5 sales | $3,200-$6,250 range | $4,845
M10-R: 4 sales | $3,550-$8,195 range | $6,335 avg (monthly trend +15.2%)

The M10 family shows stability while the high-resolution M10-R is surging. The 40MP sensor and classic form factor are attracting buyers seeking resolution without the M11's modern design language.

Legacy Digital:

M9: 5 sales | $2,200-$4,500 range | $3,589 avg
M8: 11 sales | $1,554-$2,490 range | $2,073 avg
M (Typ 240): 4 sales | $3,225 avg (monthly trend +25.7%)

Typ 240 bodies are experiencing double-digit appreciation. At $3,200–$3,600, they offer authentic M digital experience at half the M11 price. Video capability adds versatility the newer bodies lack.

Film M Series

Film bodies continue to dominate transaction volume, accounting for 47% of all January sales. The analog renaissance shows no signs of slowing, with classic bodies like the M3 and M4-P posting strong gains.

M6 (Non-TTL & TTL):

M6 Non-TTL: 42 sales | $2,000-$3,700 range | $2,884 avg (monthly trend +4.5%)
M6 TTL: 18 sales | $2,500-$4,550 range | $3,301 avg
TTL premium: ~$400 over non-TTL equivalent
0.85 viewfinder magnification: Commands ~$600 premium over 0.72

Classic Film Bodies

M3: 41 sales | $1,000-$2,600 range | $1,616 avg (monthly trend +10.3%)
M2: 16 sales | $1,050-$1,995 range | $1,414avg (monthly trend -12.3%)
M4: 16 sales | $1,400-$2,085 range | $1,834 avg (monthly trend -1.1%)
M4-P: 12 sales | $2,000-$2,700 range | $2,298 avg (monthly trend +10.1%)
M5: 12 sales | $1,200-$1,850 range | $1,419 avg (monthly trend -7.3%)
M7: 6 sales | $3,100-$4,600 range | $3,750 avg (monthly trend +3.0%)
MP: 9 sales | $4,100-$4,300 range | $4,221 avg (monthly trend +1.4%)

SL System

The SL mirrorless system shows mixed signals. Newer bodies are appreciating while the SL3-S has softened, potentially creating opportunities for video-focused shooters.

SL Family

SL3: 5 sales | $4,750-$6,339 range | $5,526 avg (monthly trend +6.4%)

The 60MP SL3 continues to appreciate. Its triple-resolution sensor technology and improved autofocus system make it the most capable SL yet. Strong used prices suggest limited new inventory is supporting secondhand values.

SL3-S: 3 sales | $4,000-$4,527 range | $4,185 avg (monthly trend -6.5%)

The video-optimized SL3-S has softened, making it the SL to buy for hybrid shooters. 5K video, internal 10-bit recording, and excellent ProRes support at $1,300 less than the SL3.

SL2: 5 sales | $1,800-$2,500 range | $2,235 avg (monthly trend +5.9%)
SL2-S: 2 sales | $1,975-$2,100 range | $2,038 avg
Original SL: 2 sales | $1,500-$1,900 range | $1,700 avg (monthly trend +31.2%)

The original SL is experiencing a resurgence. At under $2,000, it offers access to the entire L-mount ecosystem. Build quality remains best-in-class—these are tanks that will outlast most modern cameras.

Hidden Market Trends

1. The Typ 240 Surge

M240 bodies are up 26% while M11s decline 2%. Savvy buyers recognize the M240's video capability, proven reliability, and 24MP sensor as "enough" for most use cases. At 45% of the M11's price, expect this trend to continue.

2. Weekend Warriors

Saturday sales averaged $3,582—28% higher than Monday's $2,796. Serious collectors are shopping weekends when they can focus on research and bidding. Strategic sellers should time listings to end Saturday evening.

3. M11 Monochrom Anomaly

The M11M dropped 33.5% with unusually high price variability. A single low sale at $3,500 dragged the average down, but even without outliers, prices remain weak. Is this a unique buying chance or just a normal correction? We'll have to wait and see.