Compass added a top luxury broker team in its latest effort to increase its market share in the Texas capital.
The brokerage brought on the seven-person Giles Group, led by Wade Giles. It is exiting Douglas Elliman after joining that firm in 2023.
Austin is one of Compass’ top 30 cities, where CEO Robert Reffkin wants Compass to occupy 30 percent of the market share.
The Giles Group has produced $400 million in career sales, according to its website.
Giles made the move to Compass after his colleagues had gradually moved there over the years, he said. He had been in conversation with Compass since 2018, when the group was with Moreland Properties, he said.
Giles first spoke with Compass in 2018, when his group was with Moreland Properties. He made the move following colleagues who gradually migrated to Compass over the years.
Compass snatched The Agency Austin and MOLO Group’s Mike Mogavero and Christen Lowe in September. They caught about $38 million in sales volume in 2023, according to RealTrends Verified, which is based on self-reported data.
The brokerage also added Prospect Real Estate Team, an Austin-based team now called the Bodman group, in August, which has closed $1.2 billion in sales since 2018, according to Compass. Tracy Tutor’s move from Douglas Elliman to Compass last month will bring some agents to the brokerage from Tutor’s 18-person Texas team as well, split between Dallas and Austin.
Giles founded the Giles Group in 2020. In 2023, it was recognized as the No. 1 team for Douglas Elliman in Texas, a news release said.
Luxury deals in Austin’s luxury market start ramping up ahead of the city’s busiest season — 33 luxury homes over $2 million were listed in Austin last week, matching the weekly average for February. With 13 closed deals, the absorption rate was about 3.9. Deals increased each week this month, and prices ranged from $2.1 million to $10 million, all west and north of Downtown Austin, according to the Eklund Gomes luxury report.
Single-family homes over $2 million dominate the neighborhoods where the Giles Group operates, including Clarksville, Pemberton, Tarrytown, Westlake, Zilker and Lake Austin.
“Ultra-luxury has really picked up post-election,” Giles said. “So many people were waiting, one way or another. Now that the election is behind us, the market is picking up across the board. Sellers are becoming more realistic in their pricing, and buyers are taking advantage; they’re seeing the value.”
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