I am getting the same question all spring: is something wrong with the market? The honest answer is in the chart. In the first quarter of 2026, resale transactions fell by about a third compared with the same quarter of 2025. These are the same three months one year apart, so the fall is real and not just the slow start that the first quarter often brings. Across the four areas, it adds up to around 870 fewer sales in a single quarter, from 2,778 down to 1,910. Let me explain what is really behind it.
1. The whole market slowed at the same time. Marbella, Benahavis, Estepona and Mijas all fell between 31% and 35%. When four different areas move almost exactly together, the cause is not local. It is not your street, your building, or your kind of home. It is the bigger picture: interest rates, tighter financing, and buyers who are taking their time to decide. The problem is shared, so no single area is being singled out.
2. The market is slower, and buyers are now in charge. Fewer sales means homes sit on the market longer and unsold stock builds up. Properties that once sold in weeks can now take months. When supply holds steady and demand drops, the balance of power moves. We have shifted from a sellers' market to a buyers' market. If you are buying, this is your moment to take your time and negotiate with confidence. But do not confuse a slower market with a cheap one. The best homes, priced correctly, still sell quickly, and the serious buyers still snap them up.
3. In this market, your asking price is the only lever that counts. When buyers have options, the house stops competing. The price does. A home priced right from day one still sells well: in our experience, in under 90 days and with less than a 3% discount. A home priced too high does the opposite. It chases the market down, loses its best weeks, and sells later and for less. This is exactly why I will not take an overpriced listing. It does not help you. It quietly costs you.
In summary, the market has not crashed. Homes are simply taking longer to sell than they did a year ago. What I am watching now is how long they stay on the market, and whether that unsold stock keeps growing over the summer. Sellers who accept the new pace, and price for today, will keep selling well. Those who hold on to last year's prices will wait for months, and end up chasing the market down.