Market Digest

Market Digest: March 2026

Market trends and Leica sales from the past month

Market trends and Leica sales over the past month

This month, we analyzed 284 transactions across the secondary market. Film M bodies continue to dominate at 43% of all transactions, while the Q Series remains the most liquid digital segment. Across the full dataset, prices are climbing for legacy digital M bodies and holding steady for film, while newer digital models face modest downward pressure.

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 posted 66 transactions this month, keeping it the most active digital segment. Prices are softening across most variants, continuing a trend we first flagged in late 2025. If you're a Q buyer, patience continues to pay off. Speaking of Q opportunities, keep an eye on Summimarket for new listings dropping regularly.

Q3 28mm:

11 sales
Price range: $5,250–$6,250
Average: $5,580
Monthly trend: +10.0% vs. historical

The Q3 28 is having an interesting month. After months of gradual decline from its mid-2025 peak (when averages hovered near $5,900), March showed a bounce to $5,580. That said, the bounce is driven partly by lower volume: 11 sales versus 19 in February. The $5,250–$5,400 band is the sweet spot for user-grade examples; mint-in-box copies still clear $6,000+.

Q3 43mm:

3 sales
Price range: $5,393–$6,495
Average: $5,796
Monthly trend: -1.4% vs. historical

Low volume makes it hard to draw firm conclusions, but the Q3 43 is holding near its historical average of $5,878. At current prices, the 43mm variant trades at only a ~$200 premium over the 28mm, down from a wider gap earlier in the dataset. If the APO-Summicron rendering appeals to you, that narrowing premium is worth considering.

Q2:

22 sales
Price range: $2,650–$3,900
Average: $3,279
Monthly trend: -0.8% vs. historical

The Q2 continues to be the volume workhorse. Pricing has been remarkably stable over the past six months, hovering in the $3,100–$3,500 range month after month. At $3,279 average, it delivers roughly 90% of the Q3 experience for about 59% of the cost. The sweet spot for standard black examples sits around $3,100–$3,300, with premium variants (Reporter, extra accessories) commanding $3,600–$3,900.

Q2 Monochrom:

8 sales
Price range: $2,218–$4,197
Average: $3,392
Monthly trend: -15.4% vs. historical

The Q2M posted a partial recovery from February's $3,265 average, climbing back to $3,392. Still, that's well below the historical $4,007. The Reporter variant ($4,055) and mint examples ($4,197) hold value better, while user-grade bodies dip below $3,000. For monochrome enthusiasts, the entry price for dedicated black-and-white Leica glass has never been more accessible.

Original Q:

21 sales
Price range: $1,750–$2,800
Average: $2,145
Monthly trend: -3.2% vs. historical

Steady as she goes. The original Q remains the gateway into Leica's fixed-lens system, and 21 transactions show solid demand at the sub-$2,500 level. The Q-P variant cleared $2,912, and rare limited editions (like the SF Edition) traded at $2,800. Standard examples cluster around $1,950–$2,250.

Digital M Series

The digital M segment logged 61 sales and tells two distinct stories this month. Legacy CCD and early CMOS bodies are climbing, with the M (Typ 240) posting a striking +30.2% gain. Current-generation M11 variants, meanwhile, are stable at the top end but seeing some unusual volatility at the lower end of the range.

M11 (Standard):

10 sales
Price range: $6,000–$6,999
Average: $6,370
Monthly trend: +1.1% vs. historical

The M11 is holding steady near its long-run average of $6,298. March's $6,370 is essentially flat. Clean examples in standard black chrome are trading in a tight $6,000–$6,500 band, while extras (grip, additional batteries) push toward $7,000.

M11 Monochrom:

4 sales
Price range: $7,645–$9,875
Average: $8,295
Monthly trend: +10.1% vs. historical

The M11 Monochrom is showing strength, up 10.1% over historical averages. At $8,295, it commands a significant premium over the standard M11. With only 4 sales, volume is thin, but all four transacted above $7,600.

M10 Family:

M10: 7 sales | $3,850–$5,750 | $4,457 avg (+8.6%)
M10-P: 2 sales | $4,900–$5,699 | $5,300 avg (+9.5%)
M10-R: 3 sales | $5,639–$8,000 | $6,878 avg (+25.6%)
M10-M: 3 sales | $4,750–$6,795 | $5,778 avg (+5.9%)
M10-D: 3 sales | $2,500–$6,800 | $5,200 avg

The M10-R is the clear winner in this family, up 25.6% to $6,878. A Black Paint example cleared $8,000, while standard versions sit around $5,600–$7,000. The standard M10 at $4,457 represents solid value for entry into the digital M system. The M10-D shows wide variance ($2,500–$6,800), so condition and completeness matter enormously.

Legacy Digital:

M9: 2 sales | $2,100–$2,499 | $2,300 avg (-20.3%)
M8: 3 sales | $1,880–$2,295 | $2,075 avg (flat)
M (Typ 240): 8 sales | $2,600–$5,450 | $3,400 avg (+30.2%)

The Typ 240 is the surprise gainer this month. At $3,400 average (up 30.2%), it's climbed steadily from the mid-$2,500s where it spent most of 2025. The M-P (Typ 240) variant cleared $3,355, and a rare M-E (Typ 240) Anthracite Grey hit $5,450. The M8 is flat at $2,075, while the M9 dipped to $2,300 on just two transactions, down from its strong February showing.

Film M Series

Film M bodies posted 123 transactions this month, maintaining their 43% share of all sales. The M6 was the volume king with 38 sales, reclaiming the top spot from the M3, which pulled back sharply to 17 transactions after February's remarkable 45-sale month.

M6 (Non-TTL):

38 sales
Price range: $2,329–$4,995
Average: $2,968
Monthly trend: +6.7% vs. historical

The M6 keeps climbing. At $2,968, March's average is the highest monthly figure since July 2025 ($3,932, which was inflated by a few outlier sales). Titanium variants averaged $3,385 across 9 sales, while standard black bodies clustered around $2,600–$2,900. The 0.85 viewfinder commands a premium ($4,995 for an unused example). The $2,600–$2,900 range remains the sweet spot for shooters.

M6 TTL

11 sales
Price range: $2,210–$3,700
Average: $3,049
Monthly trend: -7.3% vs. historical

The TTL variant softened slightly this month, trading about $80 above the non-TTL on average. The premium for TTL metering has compressed compared to earlier in the dataset, when the gap was closer to $400. At current prices, the TTL offers built-in metering for a modest upcharge.

Classic Film Bodies

M3: 17 sales | $930–$2,100 | $1,531 avg (monthly trend +1.2%)
M2: 14 sales | $1,229–$3,366 | $2,027 avg (monthly trend: +26.4%)
M4: 10 sales | $1,400–$2,999 | $1,915 avg (monthly trend +1.9%)
M4-P: 5 sales | $2,000–$2,608 | $2,322 avg (monthly trend +9.4%)
M5: 8 sales | $1,200–$1,755 | $1,434 avg (monthly trend -2.6%)
M7: 8 sales | $1,669–$6,300 | $3,785 avg (monthly trend +3.9%)
MP: 4 sales | $4,000–$5,500 | $4,559 avg (monthly trend +9.3%)

SL System

The SL mirrorless system posted 17 sales across the lineup, with the SL3-S making a notable debut in our monthly analysis.

SL Family

SL3: 5 sales | $4,275–$6,999 | $5,304 avg (monthly trend +0.9%)
SL3-S: 5 sales | $2,417–$5,200 | $4,054 avg (monthly trend -10.3%)
Original SL: 5 sales | $1,200–$1,767 | $1,546 avg (monthly trend +14.0%)

The original SL continues to creep upward, from a historical average of $1,356 to $1,546. At under $1,600, this is the most affordable entry into the L-mount ecosystem in a body built like a tank. One listing even included a 50mm lens at $1,200.

Hidden Market Trends

1. The Typ 240 Is the New Value Proposition in Digital M

The M (Typ 240) climbed 30.2% over its historical average to $3,400, the most aggressive price move in the entire digital M family this month. Since mid-2025, the 240 has been on a steady upward trajectory, rising from the $2,500 range to $3,400 in March. Shooters are gravitating toward its combination of CMOS sensor, live view, and video capability at a price point that sits well below the M10. The M-P variant trades at a premium, and rare colorways (Anthracite Grey M-E) are pulling top-of-range prices. If you've been eyeing a 240, the window at under $3,000 for standard examples may be closing.

2. The M6's Volume Dominance Is Accelerating

The M6 posted 38 sales in March, making it the single highest-volume model for the month. Looking at the longer trajectory: the M6 went from 13 sales/month in early 2025 to 39 in August, dipped briefly, then roared back to 42 in January and 38 in March. Meanwhile, the M3, which dominated February with 45 sales, dropped to just 17 this month. The M6's combination of built-in metering, TTL flash compatibility, and cultural cachet (it's the Leica you see on social media) continues to make it the most in-demand film body on the secondary market. At $2,968 average, prices are climbing alongside volume.