Crye-Leike Reaches Nearly $3 Billion in Sales for Year End: Second Best Year in its 24 Year History

Brentwood, Tenn. –  Despite the real estate market in Tennessee being slightly down, Crye-Leike, the largest real estate company in Tennessee and the Midsouth, reports $2.93 billion in sales volume for 2000 as its second best year in the 24-year-history of the company, announced Harold E. Crye, chief executive officer of Crye-Leike.

Crye-Leike’s 2,200 sales associates in a four-state Mid-South region handled 20,564 closings in 2000, a 4.52 percent decrease from the 21,537 closings reported through December 1999.

Crye-Leike’s sales figures include new and existing family homes, condos and duplexes as well as commercial properties. Sales figures also represent the sales volume of both listing and selling sides of a real estate transaction, which involve a buyer and a seller.

 

CRYE-LEIKE INC. (MEMPHIS)

Company sales in Memphis depict a slightly different view of the real estate market compared to Crye-Leike’s sales in Nashville and Chattanooga because of the company’s established beginnings in Memphis since 1977, notes co-owner and president Dick Leike.

“Crye-Leike has a stronger market share in Memphis which more accurately reflects the ups and downs of the real estate market in Tennessee,” said Leike. “Despite the market slow down, the affordability of housing in Memphis continues to lure companies to the area. The median price for our region is well below the national median price which tells us that homebuyers can get more for their money in our housing market.”

Crye-Leike Inc. reports local sales volume in the Greater Memphis area market to be $ 359 million for the fourth quarter in 2000, down 4.83 percent from $377 million in the fourth quarter of 1999. Leike attributes the slight down turn in fourth quarter sales to the severe ice and snow storms that hit Memphis mid-December, slowing down potential homebuyers. Crye-Leike’s report defines the Greater Memphis area as including its offices in West Memphis, Ark., Olive Branch, Miss., Southaven, Miss. and its newest location in Hernando, Miss.  Fourth-quarter unit sales for 2000 totaled 2,360, down 11.76 percent from same-quarter results on 1999.

Year-end sales volume for Crye-Leike in the Greater Memphis area was $1.5 billion in 2000, down 9.53 percent from $1.69 billion a year prior. Year-end closings in 2000 were 10,268, which is a 13.29 percent decrease from the 11,843 closings as reported in the prior year.

 

CRYE-LEIKE OF CHATTANOOGA, INC.

Crye-Leike of Chattanooga, Inc. continues to show a strong percentage of growth in quarterly sales since its offices were established in December 1997, up 18 percent in the fourth quarter from a year earlier.

In Chattanooga, Crye-Leike has increased its market share in the three years it has had a presence there. Sales volume in the fourth quarter totaled $60.58 million, up 18.1 percent, and property sales totaled 542, up 28.7 percent from same-quarter results a year earlier. Year-end sales volume totaled $255 million, up 20.6 percent , and property sales totaled 2,210, a 28.6 percent increase from the sales reported through 1999.

The company attributes its steady growth to its aggressive expanded presence in the Chattanooga market. “In the past three years, Crye-Leike of Chattanooga has grown from four branch offices to eight branches in the Greater Chattanooga area and from 95 to 235 sales associates,” said Jack Webb, vice president and general manager of Crye-Leike of Chattanooga Inc. The company’s two newest branch offices include one in Cleveland, Tenn. and the other in Fort Oglethorpe, Ga., Crye-Leike’s first branch office in the state of Georgia.

 

CRYE-LEIKE OF NASHVILLE INC.

In the Nashville metropolitan area, where the company started operations in 1992, Crye-Leike’s fourth-quarter sales in 2000 reflect the equalizing of a June 1999 real estate firm merger, notes Tom Kimbrough, vice president and general manager of Crye-Leike of Nashville Inc.  Fourth-quarter sales of $236.30 million in the Nashville area in 2000 represent a 15.7 percent decrease over same-quarter results a year prior. Its 1,633 real estate property sales in the fourth quarter of 2000 represent a 15.8 percent decrease over comparable quarterly results a year prior.

Year-end sales volume in 2000 for Crye-Leike of Nashville was $1.08 billion, down 2.7 percent from $1.12 billion through 1999. These figures represent 7,491 in property sales, a 5.52 percent decrease over comparable year-end results in 1999.

“In addition to outside factors affecting the Tennessee market, the balancing of the Crye-Leike and Folk-Jordan merger in June 1999 has had an impact on the reported company sales in 2000,” said Kimbrough. “We continue to be excited and enthused with the caliber of sales associates and staff resulting from the merger with Folk-Jordan which paves the way for a strong 2001 forecast.”

 

CRYE-LEIKE OF ARKANSAS INC. (JONESBORO)

Crye-Leike established its Jonesboro, Ark. branch office in December 1999. In one year’s time, this office has established a significant market share in that city, reporting a year-end sales volume of $36 million with a sales force of 25 sales associates. Year-end closings were 454.

 

CRYE-LEIKE OF EAST TENNESSEE INC. (JOHNSON CITY)

Crye-Leike established its first East Tennessee office in Johnson City, Tenn. in January 2000.  Year-end sales volume totaled $15.3 million, representing 141 units sold by its 13 sales associates.

“Our branch office’s good year-end sales figures are a tribute to the communities’ acceptance of our newly-established office and the real estate services we are providing Johnson City, and we are most appreciative,” said Nancy Rowe, manager of Crye-Leike, Realtors in Johnson City. “As our office grows, we expect the numbers to grow rapidly.

 

ABOUT CRYE-LEIKE

Crye-Leike (www.crye-leike.com), the largest real estate company in Tennessee and the Midsouth, is ranked No. 10 in the nation, by REAL Trends Magazine, with nearly $3 billion in sales in 2000. It has over 2,100 sales associates who operate in 45 branch offices located in 17 counties throughout a four-state Midsouth region: Tennessee (Chattanooga, Johnson City, Memphis, Nashville), Arkansas (Jonesboro, West Memphis), Mississippi (Hernando, Olive Branch, Southaven) and Georgia (Fort Oglethorpe). Crye-Leike also has seven franchise offices in New Albany, Oxford and Tupelo, Miss., Blytheville, Ark., and Kingston, Monteagle and Pickwick Dam, Tenn.

Crye-Leike, Realtors was established in 1977 in Memphis by Harold Crye and Dick Leike. Operations were expanded in 1992 into the Middle Tennessee real estate market (Nashville); in 1997 into the Chattanooga market; in 1999 into East Tennessee (Johnson City), and in 2000 into its first Georgia office established in Fort Oglethorpe, along with its third branch office in Mississippi.

“Crye-Leike is still experiencing growth years even though the economy experienced high interest rates last year and people have concerns about the security of employment,” said Crye. “These issues are still prevailing and could have the same effect on the economy this year.”

For real estate information on residential and commercial property listings available for sale in Tennessee, Georgia, Mississippi or Arkansas by city or county, visit Crye-Leike’s Web site at www.crye-leike.com.