IS Luxury ranks No. 1 luxury broker in midyear report

By Buck Wargo Real Estate Millions

5 months ago

This mansion on 48 Augusta Canyon Way is on the market for nearly $20 million. It is listed by ... — This mansion on 48 Augusta Canyon Way is on the market for nearly $20 million. It is listed by IS Luxury, which was ranked as the No. 1 Las Vegas broker in a midyear luxury real estate report. (IS LUXURY)

Ivan Sher

Gavin Ernstone

Zar Zanganeh

The mansion on Augusta Canyon Way features a kitchen with all the extras and dark cabinetry. It is listed with IS Luxury, which had an average transaction of $3.86 million so far this year, the highest of any brokerage. (IS LUXURY)

The Augusta Canyon Way mansion features a home theater. It is listed with IS Luxury, which so far this year, recorded $355.7 million in transactions representing buyers and sellers, a 69 percent increase from the $210.4 million in the first six months of 2023. (IS LUXURY)

The latest luxury home listing for IS Luxury features a master bath with an elegant timeless design. It has a $20 million price tag. (IS LUXURY)

IS Luxury solidified its top spot among luxury brokerages in Las Vegas during the first six months of 2024 as dollar sales volume jumped 47 percent for the higher-end real estate market.

In the latest analysis from BrokerMetrics, which tracks transactions on the Multiple Listing Service of Las Vegas Realtor association members, the market’s total was $3.7 billion in transactions of homes sold for $1 million and higher, jumping from $2.51 billion in the first six months of 2023.

The average sale was $2.05 million, up 11 percent from the $1.85 million in 2023. There were 908 sales, up from 677 in 2023. Luxury homes were on the market for 52 days, down from 63 a year ago.

1. IS Luxury recorded $355.7 million in transactions representing buyers and sellers, a 69 percent increase from the $210.4 million in 2023. Its average transaction was $3.86 million, the highest of any brokerage.

2. Simply Vegas came in second at $294.8 million, a 72.5 percent increase from the $170.8 million a year ago when it ranked fourth among luxury brokerages.

3. The Agency came in third with $283.3 million, up more than double from $117.8 million a year ago when it was ranked fifth.

4. Berkshire Hathaway Home Service was fourth with $251.9 million, up 19.7 percent from $210.3 million a year ago.

5. Douglas Elliman of Nevada was fifth with $203.8 million, according to BrokerMetrics.

6. Realty One Group was sixth with $184.9 million, 5.2 percent higher than the $175.6 million.

7. Huntington &Ellis was seventh with $152.5 million, 53.5 percent higher than $99.3 million.

8. Las Vegas Synergy Sotheby’s was eighth with $141 million, 31.1 percent higher than $107.5 million a year ago.

9. Urban Nest Realty was ninth with $111.7 million, a 9.5 percent increase over $102 million a year ago.

10. Coldwell Banker Premier was 10th with $84.5 million after not being in the top 10 a year ago.

Brokerages’ market insights

IS Luxury owner Ivan Sher said that with the buyers coming in from California and other states, Las Vegas is able to offer homes that weren’t available five to seven years ago.

“We’re also on the heels for an incredible 2023, and that momentum carried us forward,” Sher said. “The reality is that we have the majority of the product of homes on the market, and we have a great private collection of off-market homes that aren’t quite ready to be on the market.

“It’s inventory that the average buyer would not be able to find without reaching out to us. We’re doing a tremendous amount of business in that section as well.”

Simply Vegas owner Gavin Ernstone said the firm has seen “great growth this year not just by solidifying the position of No. 2 brokerage in sales volume in the Las Vegas/Clark County market “

Ernstone said the firm is regaining ground in the luxury space, which is a result of focusing agents on raising their average sales price and selling more luxury homes.

“This is an area that is extremely important to Simply Vegas agents, and we feel that we have made great strides in the last six months in providing our agents with the tools to thrive in this area,” Ernstone said. “The luxury market in the valley keeps getting stronger and stronger, which is due to Vegas growing in all areas — not only because we are an income tax-free state but because we continue to grow in education, quality of life, quality of construction and housing as well as all in all a great place to live.”

Zar Zanganeh, managing partner with The Agency, attributed the gains to gaining more of a foothold in the marketplace and adding Realtors. The Beverly Hills luxury firm came into Las Vegas in 2021.

“We’re just growing our agent count and growing in representation with developers and new development with high-end listings,” Zanganeh said. “We have two offices now and more than 40 sales associates, and we have four different builders we work with adding new-home inventory and all of our resale listings.”

The problems with taxation and other issues in other states are helping push more people to Nevada, Zanganeh said.

“We’re fortunate enough we have a good amount of inventory as a company so it’s helping us stay on top of business,” Zanganeh said. “I only see it going up. We’re fortunate to have a solid number of listings coming on board, including $5 million and above. We will have some more multi-million listings.”

Overall market totals

1. Realty One Group is the No. 1 brokerage when it comes to all transactions covering the luxury and non-luxury segments. They’ve handled $1.21 billion.

2. Simply Vegas was second with $982.1 million.

3. Berkshire Hathaway was third with $935.4 million.

4. Urban Nest was fourth with $659.7 million.

5. Huntington &Ellis was fifth with $648.9 million.

6. Keller Williams Market was sixth with $593.5 million.

7. eXP Realty was seventh with $524.4 million.

8. Signature Real Estate was eighth with $499.3 million.

9. Coldwell Banker Premier was ninth with $425.5 million.

10. IS Luxury was 10th with $386.3 million.