First Quarter Sales: A Barometer of Tennessee’s Real Estate Market

Crye-Leike, the largest real estate firm in Tennessee, reported its highest first quarter sales in the company’s 23-year history. The company’s January through March sales of new and existing family homes, condos and duplexes as well as commercial properties were $634.34 million on 4,618 properties sold within its seven regional areas.  These figures represent an increase of 15.70 percent over the first quarter of 1999.

Crye-Leike has over 2,200 sales associates who operate in 46 branch offices, located in 16 counties, primarily in Tennessee, along with select Crye-Leike offices in Mississippi and Arkansas. As a privately held company, it attained record sales of $3 billion corporatewide in 1999, the best year reported in company history. Nationally, Crye-Leike is ranked No. 13 among the top real estate brokers in the United States as reported in 1999 by Real Trends Magazine.

“Even though interest rates have increased slightly,” said Harold Crye, CEO of Crye-Leike, “the real estate sales market is still vibrant and moving.”

Crye-Leike of Nashville, Inc. and Crye-Leike of Chattanooga, Inc. showed the strongest percentage of growth in their first quarter sales figures, 43 percent each in their respective metropolitan areas over first quarter 1999 sales.

Crye-Leike of Nashville, Inc. recorded 1,676 units sold in its first quarter, representing a sales volume of $238.46 million.  The average sale price of a single family home in the Middle Tennessee area was $142,280.

Crye-Leike of Chattanooga, Inc. recorded 467 units sold in its first quarter, representing a sales volume of $50.19 million. The average sales price of a single family home in the Chattanooga metropolitan area was $107,489.

Crye attributes the company’s first quarter surge in sales growth in Nashville to the June 1999 merger with Folk-Jordan, Inc. in Nashville, adding a significant number of Realtors? to Crye-Leike’s sales force. At that time, Fork-Jordan, Inc. was doing business as an independent affiliate broker of Better Homes & Gardens. “Additionally, our Chattanooga area offices have gained significant market share in the two years that we have been there,” said Crye.

Crye-Leike, Inc., of Memphis sold 2,374 units in the first quarter of 2000 with a sales volume of $337.05 million. The average sales price of a single family home in the Memphis metropolitan area was $141,976.

Based on 1999 statistics extrapolated from area Multiple Listing Services (MLS), Crye-Leike ranks No. 1 in sales volumes for both the Memphis and Middle Tennessee metropolitan areas at $ 1.32 billion and $960.44 million, respectively.  In the Chattanooga metropolitan area, Crye-Leike ranks No. 2 with a sales volume of $183.18 million. These MLS figures do not include sales from “for sale by owners”, new construction, commercial, industrial and rural properties outside of this MLS system.

Crye-Leike has had its beginnings in the Memphis area real estate market since 1977 and expanded in 1992 into the Middle Tennessee area. It entered Chattanooga’s real estate market in December 1997.

For real estate information and residential and commercial property listings available for sale in Tennessee by area, visit Crye-Leike’s Web site at www.crye-leike.com.