Crye-Leike’s Southeast, West Tenn. & Ark. Regions Report Active Second Quarter Sales

Memphis, Tenn. – An economic recession during second quarter apparently wasn’t stopping house hunters from becoming buyers of residential or commercial real estate, reports the nation’s 13th largest real estate firm.

Memphis-based Crye-Leike, Realtors, whose celebrating its 25th anniversary in business, says its number of units sold in the second quarter of 2002 were up 2.25 percent over the number of units sold in the same quarter a year prior. Units sold totaled 6,095 compared to 5,961 a year prior. Sales for the second quarter totaled $861.84 million, down slightly from $865.36 in the same quarter last year.

The company’s year-to-date units sold also continued to show steady growth, up 4.1 percent to 10,633 from 10,214. These figures represent $1.49 billion in sales year-to-date, a 2.1 percent increase from $1.46 billion reported for the same period last year.

For the month of June, Crye-Leike reports $319.6 million in sales, down marginally at .2 percent from $320.3 million last year. These figures represent 2,130 units sold in June, remaining unchanged at 2,131 for the same period last year.

Average residential sales prices in June for Crye-Leike’s major metro areas compared to June 2001 were: $120,156 in Chattanooga, down from $130,425; $158,167 in Memphis, remaining unchanged from $158,298; and $155,351 in Nashville, up from $151, 195.

Crye-Leike’s disclosed second quarter sales figures for 2002 include new and existing family homes, condos and duplexes as well as commercial properties within a four-state regional market area (Tennessee, Arkansas, Mississippi and Georgia.)  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.

Harold Crye, chief executive officer of Crye-Leike, notes that the solid pace of company sales shows that homebuyers are largely undeterred by the recent dramatic fluctuation in the stock market. “With interest rates at a 32-year historical low, owning a home is more affordable,” said Crye.

“Additionally, big and small investors have turned perception into reality by moving more toward real estate ownership of both residential and commercial properties as an alternative to investing in the stock market,” Crye said. Real estate investments offer such advantages as depreciation and cash flow through rent collection that traditional stock options don’t offer, he added.

Following is a summary of second quarter sales results within Crye-Leike’s five regional market areas: Southeast Tenn. Region – Chattanooga; Arkansas Region – Jonesboro; West Tennessee Region – Memphis; Middle Tennessee Region – Nashville and Northeast Tenn. Region – Johnson City. Crye-Leike of Chattanooga displayed the greatest percentage of growth company wide during second quarter. Crye-Leike of Arkansas and Crye-Leike, Inc. (Memphis) showed modest growth in quarterly sales from a year earlier.

 

CRYE-LEIKE INC. (WEST TENN. REGION – MEMPHIS, TENN.)

 

Second-quarter sales of $424.8 million within Crye-Leike’s West Tennessee Region represents a 2.8 percent increase. Its 2,818 real estate property sales in the second quarter this year represent a 6.4 percent increase over comparable quarterly results last year. Year-to-date sales volume for Crye-Leike Inc. (Memphis) was $747.8 million, up 2.8 percent from $727.8 million halfway through 2001. These figures represent 5,112 in property sales, a 5.8 percent increase over comparable year-to-date results last year. The local sales volume in June this year was $157.7 million, up 2 percent from last June, which represents 983 closings, a 2.8 percent increase from last year.

Crye-Leike’s second quarter report for the West Tenn. Region includes sales in Shelby, Fayette and Tipton counties in Tennessee as well as those in DeSoto and Lee counties in Mississippi.

Crye-Leike’s West Tennessee Region has a sales force of over 1,100 sales associates who are located in 18 branch and franchise offices in three counties, which includes Hardin and Shelby counties and DeSoto and Lee counties in Miss.

 

CRYE-LEIKE OF CHATTANOOGA INC. – SOUTHEAST TENN. REGION

 

Within Crye-Leike’s Southeast Tennessee Region, Crye-Leike continues to increase its market share in the four years it has had a presence in Chattanooga. Sales volume in the second quarter totaled $108.6 million, up 7.4 percent, and property sales totaled 915, up 13.8 percent from same-quarter results a year earlier. Year-to-date sales volume totaled $182.9 million, up 18.4 percent, and property sales totaled 1,538, a 17.8 percent increase from the sales reported halfway through 2001. The month of June showed a local sales volume of $39 million, up 2.4 percent from last June, representing 325 units closed, an 11 percent increase from the same period last year.

Crye-Leike of Chattanooga, Inc. has eight branch offices in four counties within the Southeast Tenn. Region: Bradley, Hamilton, and McMinn counties, including Catoosa County in North Georgia. Three Crye-Leike franchise offices are located in Decatur, Meigs County, Kingston, Roane County and in Spring City, Rhea County. Sales associates within Crye-Leike’s Southeast Tenn. Region currently total over 275.

 

CRYE-LEIKE OF ARKANSAS  (ARKANSAS REGION: JONESBORO & WEST MEMPHIS)

Crye-Leike reports local sales volume in the Greater Jonesboro and West Memphis, Ark. areas to be $24.5 million in the second quarter this year, up 7.5 percent, and property sales totaled 264, up 1.5 percent from same-quarter results three months prior. Year-to-date sales volume totaled $43.6 million, up 8.6 percent from $40.1 million through June 2001. Year-to-date closings were 480, a 6.4 percent increase from 451 closings reported through June 2001.

The month of June this year showed a local sales volume of $8.7 million, a 26.9 percent increase from $6.9 million over comparable monthly results last year.  There were 89 real estate closings in June, a 7.2 percent increase from 83 closings reported for the same period last year.

Crye-Leike of Arkansas, Inc. has a sales force of over 66 sales associates who are located in four branch and franchise offices within four counties in Arkansas: Craighead, Crittenden, Mississippi and Pulaski. Its branch and franchise offices are conveniently located in:  Blytheville, Little Rock, Jonesboro and West Memphis.

Crye-Leike established its first market presence in Arkansas in West Memphis in February 1997, followed by Jonesboro in December 1999.  Its regional headquarters was established in Little Rock, Ark. in May 2002. Its first Arkansas franchise was established in Blytheville in July 2000.

 

CRYE-LEIKE OF NASHVILLE INC. (MIDDLE TENN. REGION)

 

Second quarter sales for Crye-Leike’s Middle Tennessee Region totaled $298.3 million, down 7 percent, and property sales totaled 2,057, down 6 percent from same-quarter results a year earlier. Year-to-date sales volume totaled $518 million, down 4.6 percent, and property sales totaled 3,563, a 4.3 percent decrease from sales reported halfway through 2001. June sales of $111.7 million represent a 5.3 percent decrease from last June, with 717 units closed, an 8 percent decrease from the same period last year.

Crye-Leike of Nashville, Inc. entered Nashville’s real estate market in 1992. It has 22 branch and franchise offices in 10 counties throughout a two-state Mid-South region: TENNESSEE (Middle Tennessee) – Davidson, Grundy, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties; and KENTUCKY – Warren County.  Sales associates within Cye-Leike’s Middle Tennessee Region currently total over 800.

 

CRYE-LEIKE OF EAST TENNESSEE INC. (NORTHEAST TENN. REGION – JOHNSON CITY)

Year-to-date sales volume within Crye-Leike’s Northeast Tenn. Region totaled $13.7 million, up 23.5 percent, and property sales totaled 62, a 13 percent increase from sales reported halfway through 2001. Local sales volume in the second quarter of this year were $5.6 million, representing 42 units sold. The local sales volume for June this year was $2.4 million, with 17 units sold.

Crye-Leike established its first East Tennessee branch office in Johnson City, Tenn., Washington County, in January 2000.  Crye-Leike’s Northeast Region has four branch and franchise offices in three counties: Greene, Hamblen and Washington counties. Crye-Leike of East Tennessee (Johnson City) has 23 sales associates who market residential, commercial and investment property sales in Washington, Sullivan, Carter and Unicoi counties.

 

ABOUT CRYE-LEIKE

Crye-Leike (www.crye-leike.com), a full service real estate company for 25 years, is the nation’s 13th largest real estate company and the largest serving Tennessee and the Mid-South. It has a network of over 2,200 sales associates and 62 branch and franchise offices located in 30 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida. Crye-Leike attained sales of $2.95 billion and 20,768 closed transaction sides corporate wide in 2001.

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