Crye-Leike, Realtors Discloses Third Quarter Sales

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 63 branch and franchise offices, located in 32 counties throughout a six-state southern region in Tennessee, Arkansas, Florida, Kentucky, Mississippi and Georgia.

Tennessee-based Crye-Leike, the nation’s 13th largest real estate company, reported $878.58 million in sales during the third quarter, an increase of 6.58 percent over $824.37 million this same period last year. This volume was generated on the sale of 5,948 properties handled by Crye-Leike’s 2,200 sales associates.

Year-to-date sales volume for Crye-Leike company wide was $2.37 billion, up 3.73 percent from $2.28 billion through September 2001. Year-to-date closings were 16,581, up 4.17 percent from the 15,917 closings reported through September 2001.

For the month of September 2002, Crye-Leike reports $265 million in sales, up a significant 17.27 percent from post 9/11 sales of $225.97 million last year. These figures represent 1,803 units sold in September, an 11.92 percent increase from 1,611 closings reported for the same period last year.

Average residential sales prices in September 2002 for Crye-Leike’s major metro areas compared to September 2001 were: $128,595 in Chattanooga, up 2 percent from $126,123; $158,093 in Memphis, up 7 percent from $147,766; $142,270 in Nashville, up 3.9 percent from $136,988; and $121,675 in Jonesboro, Ark., up 20 percent from $101,486.

The National Association of Realtors’ 2002 Housing Forecast predicts the U.S. median sales price of existing single-family homes to be $157,800, up 6.8 percent from 2001. NAR predicts the national median price in 2003 to be $164,300.

“In 2003, we expect the market to come into a general equilibrium between buyers and sellers and a return to normal appreciation patterns,” said NAR spokesperson Walter Molony.

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 prospects for the nation’s economy slowly improving and interest rates remaining historically low, the demand for housing is continuing to be strong as reflected in Crye-Leike’s brisk sales activity over the second and third quarters,” said Harold E. Crye, chief executive officer. “The housing market is helping to revive the economy; it is becoming the leading driver of economic growth.”

“Our sales associates are seeing the housing market being fueled by first time and move-up buyers,” said Crye. “Nearly every seller becomes a buyer immediately after selling. The upper end of the market is slow because that sector is most affected by the stock market. Additionally, our agents are seeing the encouraging trends in minorities and recent immigrants who are at the point of being able to afford their first home.”

 

CRYE-LEIKE INC. (MEMPHIS)

Crye-Leike reports local sales volume in the Greater Memphis area market to be $461.87 million in the third quarter this year, up 9.4 percent from $422.07 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 2,889, up 3.77 percent from same-quarter results a year earlier.

Year-to-date sales volume for Crye-Leike in the Greater Memphis area was $1.21 billion, up 5.2 percent from $1.15 billion through September 2001. Year-to-date closings were 8,001, which is a 5.08 percent increase from the 7,614 closings reported through September 2001.

September sales of $136.87 million represent a 16.82 percent increase from $117.16 million over comparable monthly results last year. There were 865 real estate closings in September, a 9 percent increase from 793 closings reported for the same period last year.

 

CRYE-LEIKE OF ARKANSAS INC. (LITTLE ROCK & JONESBORO)

Crye-Leike of Arkansas Inc. disclosed a record 2002 sales volume in the third quarter of $22.44 million, up 60.5 percent from last quarter, and property sales totaled 208, up 39.6 percent from the third quarter of 2001. The significant increase is reflective of Crye-Leike’s recent move into the Little Rock market in June 2002, making Little Rock Crye-Leike’s fifth regional office, joining Memphis, Nashville, Chattanooga and Johnson City.

Year-to-date sales volume totaled $51.16 million, representing 524 units sold, a 34.5 percent increase from the sales reported through 2001.

The month of September showed a local sales volume of $7.67 million, representing 63 units sold, a 71.7 percent increase from the same period last year.

 

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. Sales volume in the third quarter totaled $107.44 million and property sales totaled 860, up 18.6 percent from same-quarter results a year earlier.

Year-to-date sales volume totaled $290.37 million, up 18.5 percent, and property sales totaled 2,398, an 18.9 percent increase from the sales reported through 2001.

The month of September showed a local sales volume of $33.6 million, up 37.2 percent from last September, representing 261 units closed.

 

CRYE-LEIKE OF NASHVILLE INC.

In the Nashville metro area, Crye-Leike’s third-quarter sales were $282.79 million, representing a 3.1 percent decrease from same-quarter results a year earlier. Its 1,955 real estate property sales in the third quarter this year represent a 3.3 percent decrease over comparable quarter results last year.

The local sales volume in September this year was $84.86 million, up 9.41 percent from last September, which represents 594 closings, a 5 percent increase from last year.

Year-to-date sales volume for Crye-Leike of Nashville was $800.79 million, down 4 percent from $834.64 million through 2001. These figures represent 5,518 in property sales, a 3.9 percent decrease over comparable year-to-date results last year.

 

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

Crye-Leike of East Tennessee in Johnson City reports year-to-date sales volume at $ 17.79 million, representing 140 units sold, up 4.8 percent from $16.98 million through September 2001.

 

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 63 branch and franchise offices, located in 32 counties throughout a six-state southern region in Tennessee, Arkansas, Kentucky, Florida, Mississippi and 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.