Third Quarter Sales for 2001

Memphis, Tenn. –  Crye-Leike, the largest real estate company in Tennessee and the Mid-South, disclosed its third quarter sales which reflect sales activity in its 54 branch and franchise offices, located in 24 counties throughout a four-state Mid-South region in Tennessee, Arkansas, Mississippi and North Georgia.

Tennessee-based Crye-Leike, the nation’s 13th largest real estate company, reported $824.37 million in sales during the third quarter, an increase of 2.90 percent over $801.14 million this same period last year. This volume was generated on the sale of 5,703 properties handled by Crye-Leike’s 2,200 sales associates.

Year-to-date sales volume for Crye-Leike company wide remained relatively unchanged at $2.28 billion, up 1 percent from $2.26 billion through September 2000. Year-to-date closings were 15,917, a mere .04 percent increase from the 15,910 closings reported through September 2000.

For the month of September 2001, Crye-Leike reports $225.97 million in sales, down 5.73 percent from $239.70 million last year. These figures represent 1,611 units sold in September, a 5.79 percent decrease from 1,710 closings reported for the same period last year. Average residential sales prices in September for Crye-Leike’s major metro areas compared to September 2000 were: $128,728 in Chattanooga, up 15.47 percent from $111,497; $148,165 in Memphis, down .004 percent from $148,740; $136,988 in Nashville, down 1.23 percent from $138,690; and $101,486 in Jonesboro, Ark., up 17.22 from $86,576.

Crye-Leike’s disclosed 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.

“With the best interest rates in 25 years between 6.5 and 7 percent, Crye-Leike’s sales activity remained strong in the second and third quarters,” said Harold E. Crye, chief executive officer, “However, we expect some slowdown for the remainder of the year in the wake of the September 11 attacks. Assuming there are no more major surprises, we look forward to improvements around the second quarter of 2002 as the economy recovers and the federal government ‘s economic stimulus package contributes to consumer confidence.”

“Crye-Leike’s internal tracking showed a brief slowing of sales activity following the attack on America,” Crye continued. “For consumers, pulling back from purchasing big-ticket items in the months ahead is natural given the uncertainty over the future. Yet, the population needs to focus on normalcy and leave everything else up to the government and industry. If we stay dysfunctional, the terrorists win.”

 

CRYE-LEIKE INC. (MEMPHIS)

Crye-Leike reports local sales volume in the Greater Memphis area market to be $422.06 million in the third quarter this year, up 3.1 percent from $409.60 million last year. Crye-Leike’s report covers the Greater Memphis area, including West Memphis, Ark., and Olive Branch and Southaven, Miss. Third-quarter unit sales totaled 2,784, up 3.4 percent from same-quarter results a year earlier.

“Despite the market slow down, the availability and affordability of housing in the Memphis market continues to be a major draw for new industry and companies to the area,” said Dick Leike, vice president and co-owner of Crye-Leike. “The Memphis economy is generally known as a place where you could get more ‘bang for the buck’ in housing. 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.”

The National Association of Realtors’ 2001 Housing Forecast predicts the median sales price of existing single-family homes for the Memphis Metropolitan Statistical Area (MSA), including Arkansas and Mississippi, to be $123,600, a 7.4 percent increase from $115,100 in 2000. NAR predicts the national median price in 2001 to be $147,100, a 5.8 percentage change from the actual national median price of $139,000 in 2000.

Year-to-date sales volume for Crye-Leike in the Greater Memphis area was $1.15 billion, down

1.8 percent from $1.17 billion through September 2000. Year-to-date closings were 7,614, which is a 3.7 percent decrease from the 7,909 closings reported through September 2000. September sales of $117.16 million represent a 7 percent decrease from $126.10 million over comparable monthly results last year. There were 793 real estate closings in September, a 4.2 percent decrease from 828 closings reported for the same period last year.

 

CRYE-LEIKE OF ARKANSAS INC. (JONESBORO)

Crye-Leike established its Jonesboro, Ark. branch office in December 1999. Sales volume in the third quarter of 2001 totaled $13.98 million, up 42.2 percent from last quarter, and property sales totaled 149, up 15.5 percent from the third quarter of 2000. Year-to-date sales volume totaled $38.05 million, representing 412 units sold and a 39 percent increase from the sales reported through 2000. The month of September showed a local sales volume of $4.47 million, representing 44 units sold, a 14.6 percent increase from the same period last year.

CRYE-LEIKE OF NASHVILLE INC.

 

In the Nashville metro area, where the company started operations in 1992, Crye-Leike’s third-quarter sales were $291.92 million, representing a 3.3 percent decrease from same-quarter results a year earlier. Its 2,021 real estate property sales in the third quarter this year represent a 2.7 percent decrease over comparable quarter results last year.

Year-to-date sales volume for Crye-Leike of Nashville was $834.64 million, down 2.2 percent from $853.40 million through 2000. These figures represent 5,744 in property sales, a 1.9 percent decrease over comparable year-to-date results last year. The local sales volume in September this year was $77.56 million, down 7.8 percent from last September, which represents 566 closings, a 6.7 percent decrease from last year.

“Crye-Leike’s appointment center, which averages over 10,000 calls a month company wide, is a good barometer of the shopping activity of prospective homebuyers,” said Tom Kimbrough, vice president and general manager of Crye-Leike of Nashville Inc.

“Since the terrorist attacks, Crye-Leike’s appointment center has experienced approximately a 20 percent decline in the number of calls received over the last month. However, residential showings are beginning to resume normal activity with the Federal Reserve’s positive stimulus of lowering interest rates that has been especially helpful to first-time homebuyers,” said Kimbrough.

 

CRYE-LEIKE OF CHATTANOOGA INC.

 

In Chattanooga, Crye-Leike continues to show a strong percentage of growth in quarterly sales since its offices were established in 1998, up 21.32 percent in the third quarter from a year earlier.

The company attributes its steady growth to its aggressive expanded presence and menu of services in the market. “In the past three years, Crye-Leike of Chattanooga has grown from four branch offices to eight in the Greater Chattanooga area and from 95 to 255 sales associates,” said Jack Webb, vice president and general manager of Crye-Leike of Chattanooga Inc.

” Crye-Leike is the only full service real estate company in Metro Chattanooga with all its offices open seven days a week,” said Webb. “To capture every potential showing, our fully automated and staffed appointment center receives sales call from any real estate agent in the area who wants to show a Crye-Leike property and coordinates those showings from 8 a.m. until 8 p.m. each day of the week. ”

Sales volume in the third quarter totaled $90.56 million and property sales totaled 711, up 21.3 percent from same-quarter results a year earlier. Year-to-date sales volume totaled $245.04 million, up 23.76 percent, and property sales totaled 2,017, an 18.9 percent increase from the sales reported through 2000. The month of September showed a local sales volume of $24.47 million, up 3.6 percent from last September, representing 194 units closed.

 

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

Crye-Leike of East Tennessee in Johnson City reports sales volume in the third quarter of 2001 totaled $5.84 million, up 12.3 percent from last quarter, with property sales totaling 38. Year-to-date sales volume totaled $ 16.98 million, representing 130 units sold. The local sales volume in September this year was $2.3 million, with 14 units sold, up 21.5 percent from a year prior.

Crye-Leike CEO Harold Crye cites a 77 percent increase of sales volume in the area since the office’s opening in January 2000. Recently, the local office was expanded to 6,500 square feet to accommodate continuing growth in the area.

 

ABOUT CRYE-LEIKE.

Crye-Leike (www.crye-leike.com), a privately held company, is a full service real estate company with over 2,200 sales associates, 600 support staff and 54 branch and franchise offices, located in 24 counties throughout a four-state Mid-South region in Tennessee, Arkansas, Mississippi and North Georgia. Crye-Leike ranks No. 13 among the nation’s top 500 largest residential real estate brokerage firms and No. 8 among the nation’s 136 largest privately owned and independent firms, according to REAL Trends, Inc., the leading provider of information and analysis for the real estate industry and based on attaining sales of $2.9 billion and 20,564 closed transaction sides corporate wide in 2000.

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.