Crye-Leike Posts Record Sales of over $3 Billion in 2002

Memphis, Tenn. – Crye-Leike, the largest real estate company in Tennessee and the Mid-South, posted a record sales performance of over $3 billion in 2002, the highest ever in company history. Crye-Leike officials made this announcement to its 2,300 sales associates at the company’s 26th annual meetings held January 2003 in its Memphis, Nashville, Chattanooga and Arkansas regions.

Tennessee-based Crye-Leike, the nation’s 13th largest residential real estate company, reported $3.17 billion in year-end sales volume company wide for 2002, up 7.29 percent from $2.95 billion through Dec. 2001. Crye-Leike’s sales associates in a six-state southern region of the United States handled 22,198 closings in 2002, a 6.89 percent increase from the 20,768 closings reported through Dec. 2001.

Crye-Leike is ranked No. 13 among the 500 largest residential real estate brokerage firms in the United States and No. 8 in the nation among the 133 largest privately owned and independent real estate companies.

“Unprecedented low mortgage rates and providing customers with a ?one-stop shopping’ experience helped us achieve our best year ever,” said Chief Executive Officer Harold E. Crye who, along with partner and president Dick Leike, founded the company in Memphis, Tennessee in 1977.

“Crye-Leike has consistently experienced an escalating rate of growth in sales since our company’s early beginnings of reaching $19.4 million our first year,” said Crye. “Sales grew 415.8 percent during our first 10 years of business. Our percentage of growth has steadily climbed over the past 15 years between 103 percent and 145 percent, averaging 118.6 percent.”

It may have taken Crye-Leike 17 years to reach its first milestone of $1 billion in sales, but the momentum has since continued at a record pace. The six years immediately following proved that Crye-Leike was on a continual upswing with its first $3 billion sales record set in 1999 at $3.03 billion.

Crye-Leike reports $795.69 million in sales during the fourth quarter of 2002, a 19.5 percent increase over $665.86 million this same period in 2001. These figures represent 5,617 units sold during the fourth quarter in 2002, a 15 percent increase from 4,851 closings reported for the same period in 2001.

For the month of December 2002, Crye-Leike reported $269.09 million in sales, up at 27 percent from $212.04 million in 2001. These figures represent 1,926 units sold in December 2002, a 19.5 percent increase from 1,598 closings reported for the same period in 2001.

Average residential sales prices in December for Crye-Leike’s major metro areas compared to December 2001 were: $129,684 in Chattanooga, up 28 percent from $101,179; $100,894 in Little Rock, Ark., up 7.7 percent from $102,950; $145,929 in Memphis, up 3.7 percent from $140,758; and $137,740 in Nashville, up 5.7 percent from $130,222.

Crye-Leike’s 2002 sales figures include new and existing single 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.

Highlights of Crye-Leike’s year 2002 in review included: opened six new corporate-owned offices and added six new Crye-Leike franchise offices; expanded its regional operations into Little Rock, Arkansas, making it Crye-Leike’s fifth regional office, joining Memphis, Nashville, Chattanooga and Johnson City; and relocated and expanded its commercial operations in Middle Tennessee.

“Plans for 2003 include a growth strategy of expanding corporate and franchise offices as well as broadening affiliate services into new market areas within Tennessee and contiguous states,” said Crye.

 

CRYE-LEIKE’S ARKANSAS REGION.    Crye-Leike expanded its regional headquarters into Little Rock, Arkansas during the second quarter of 2002, a move that has more than doubled the company’s growth in Arkansas real estate sales since establishing a Jonesboro corporate office in 1999.

Crye-Leike of Arkansas, Inc. reported fourth-quarter sales at $25.8 million in 2002, representing a 114.7 percent increase over same-quarter results a year prior. Its 244 real estate property sales in the fourth quarter of 2002 represent a 102 percent increase over comparable quarterly results a year prior.

The local sales volume in Dec. 2002 was $9 million, up 82 percent from last Dec., representing 81 units closed, a 69 percent increase from the same period in 2001.

Year-end sales volume in 2002 for Crye-Leike of Arkansas, Inc. totaled $77 million, up 54 percent from $50.08 million through 2001. These figures represent 768 in property sales, a 44 percent increase over comparable year-end results in 2001.

“We continue to see Little Rock as a growth market for the company, providing state-of-the-art services that are not readily available, ” said Harold E. Crye, chief executive officer and general manager of Crye-Leike of Arkansas, Inc.

“Our business plan is to be the market leader in Little Rock within the next three years by establishing a total of six to seven offices in the metro area and recruiting over 300 sales associates.”

Crye-Leike has six Arkansas corporate and franchise offices in Blytheville, Conway, Hot Springs, Jonesboro and Little Rock (2), with plans to open future offices in Benton and Maumelle.

Crye-Leike of Arkansas, Inc. has over 127 sales associates who market residential, commercial, investment property, farms and acreage sales in Craighead, Crittenden, Faulkner, Garland, Mississippi and Pulaski counties.

 

CRYE-LEIKE’S SOUTHEAST REGION.        Crye-Leike of Chattanooga, Inc. continues to show a strong percentage of regional growth in company wide quarterly sales, up 35 percent in the fourth quarter from a year earlier.

Year-end sales volume totaled $395.20 million, up 22.4 percent, and property sales totaled 3,234, a 20 percent increase from the sales reported through 2001.

Sales volume in the fourth quarter totaled $105 million, up 35 percent, and property sales totaled 836, up 24 percent from same-quarter results a year earlier.

Local sales volume in December 2002 was $38 million, up 95 percent from last December, representing 291 units closed, a 52 percent increase from the same period in 2001.

At Crye-Leike’s Chattanooga annual meeting held in January 2003, its CEO Harold Crye announced to its 300-plus Chattanooga sales force that Crye-Leike is now the market leader in Chattanooga after entering the area’s real estate market just five years ago.

“In comparing our year-end sales to that of the Chattanooga real estate market, Crye-Leike has jumped ahead 22 percent and is now ranked the No. 1 real estate company in the Greater Chattanooga area, based on our total number of closed transactions,” said Crye who also serves as general manager of Crye-Leike of Chattanooga Inc. “This ranking represents a 24 percent share of the market.”

He attributes Crye-Leike’s steady five-year growth in Chattanooga sales to the company’s aggressive business strategy since corporate offices were established in December 1997. Crye-Leike of Chattanooga has grown from four corporate offices to 11 corporate and franchise offices in the Greater Chattanooga area and from 95 to over 300 sales associates.

Crye-Leike of Chattanooga, Inc. has 11 branch and franchise offices in seven counties within the Greater Chattanooga area: Bradley, Hamilton, McMinn, Meigs, Rhea and Roane counties, including Catoosa County in North Georgia.

 

CRYE-LEIKE’S WEST TENNESSEE REGION.        Sales in the Greater Memphis area by Crye-Leike, Inc. (Memphis) represent 46 percent of the company’s total sales volume. Crye-Leike defines its Greater Memphis market area by including a corporate office in West Memphis, Ark. as well as offices in Olive Branch, Hernando, Southaven and Tupelo, Miss. that are comparable to Memphis’ Metropolitan Statistical Area (MSA).

Fourth-quarter sales of $406.50 million in 2002 represent a 24.7 percent increase over same-quarter results a year prior. Its 2,663 property sales in the fourth quarter of 2002 represent a 16.3 percent increase over comparable quarterly results a year prior.

The company reports year-end sales volume in the Greater Memphis area at $1.62 billion in 2002, up 9.5 percent from $1.48 billion through 2001. Year-end closings were 10,664, up 7.7 percent over comparable year-end results in 2001.

The local sales volume in December 2002 was $136.8 million, up 19.5 percent from $114.5 million in 2001. These figures represent 930 units sold in December 2002, a 15 percent increase from 810 closings reported for the same period in 2001.

Crye-Leike, Inc. in Memphis has a sales force of over 1,100 sales associates who are located in 18 corporate offices in four counties throughout a three-state Mid-South region in Crittenden County, Ark., DeSoto and Lee counties in Miss. and Shelby County, Tenn.

 

CRYE-LEIKE’S MIDDLE TENNESSEE REGION.    Sales in the Greater Nashville area by Crye-Leike of Nashville, Inc. represents 33 percent of the company’s total sales volume.

Celebrating its 10th anniversary in the Nashville metropolitan area, Crye-Leike of Nashville, Inc. disclosed $ 253.1 million in sales volume during the fourth quarter of 2002, up 3.8 percent, and 1,835 in property sales, up 5.3 percent from same-quarter results a year earlier.

Crye-Leike of Nashville’s year-end sales volume totaled $1.05 billion which represented 7,353 closings in 2002 by its 800 sales associates in an eight-county Midstate region.

The month of December showed a local sales volume of $84.3 million, up 18 percent from last December, representing 612 units closed, a 11.4 percent increase from the same period in 2001.

Crye-Leike of Nashville, Inc. has 20 corporate and franchise offices in 10 counties in Middle Tennessee and Kentucky: Davidson, Grundy, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties in Tenn. and Warren County in Ky.

 

CRYE-LEIKE’S NORTHEAST TENNESSEE REGION.    Crye-Leike established its first Northeast Tennessee corporate office in Johnson City, Tenn. in January 2000 as Crye-Leike of East Tennessee, Inc. (Johnson City).

Year-end sales in 2002 were up from the sales reported through 2001.

Year-end sales volume totaled $23.22 million and property sales totaled 179 by Crye-Leike’s 32 sales associates.

Sales volume in the fourth quarter of 2002 totaled $ 5.4 million and local sales volume in December 2002 was $1.3 million.

Crye-Leike of East Tennessee, Inc. has three corporate and franchise offices in Northeast Tennessee in Washington, Hamblen and Greene counties.

 

ABOUT CRYE-LEIKE.    Crye-Leike (www.crye-leike.com), a full service real estate company for 26 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 2,300 sales associates and 62 corporate and franchise offices located in 33 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.

As a full service real estate company, Crye-Leike offers real estate and related services, including: relocation services; commercial business and investment real estate services; property leasing and management services; development and construction services; mortgage lending facilities; insurance services; title services; home services; home improvement services; auction services; apartment locator services; franchise sales and builder resource services. As a member of the RELO International Relocation Network, its Relocation Services Division assists families, individuals and corporate groups relocating to virtually any community in the United States or abroad with comprehensive services.