DENVER — When COVID-19 first surfaced in Colorado, the luxury home market was expected to be the hardest-hit segment of the Denver-area housing market. Jumbo mortgages were difficult to secure, and buyers looking to move up to larger homes were reconsidering in light of widespread economic uncertainty.
Today, the luxury segment (homes sold for $1 million or more) has followed the rest of the Denver-area market in a stunning turnaround, resulting in "the toughest market to buy a house in Denver metro's history," according to one Denver real estate agent.
There were 336 closings in the luxury segment in September, a 72.43% increase year over year, according to the latest market trends report from Denver Metro Association of Realtors analyzing the 11-county metro area.
There were 415 pending luxury sales at the end of September — almost exactly the same as August of this year, and more than double September 2019, when only 192 sales were pending at the end of the month. Since sales can take about a month to close, that's a good indication that closings will remain high in October.
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