Crye-Leike Reports Brisk Second Quarter Sales:

Memphis, Tenn. –  Crye-Leike, the nation’s 10th largest real estate company, reports brisk across-the-board sales activity due to low mortgage rates as disclosed in its second quarter sales report.

Memphis-based Crye-Leike, Realtors, whose celebrating its 26th year in business, reports that Crye-Leike, Inc. (Greater Memphis & Mississippi Regions) performed the highest monthly sales record in the history of the company; Crye-Leike of Arkansas experienced the fastest rate in sales growth since expanding operations into Little Rock one year ago; and, Crye-Leike of Johnson City and Crye-Leike of Chattanooga both displayed the greatest percentage of sales growth during second quarter.

“The greatest factors that have influenced the increase in our company’s sales during the second quarter of 2003 have been the historically low interest rates, the improving economy and the addition of new Crye-Leike offices as well as the expansion of others,” says Harold E. Crye, chief executive officer. “Other Crye-Leike offices had significant increases in sales growth in spite of the fact that they had been in existence for many years.”

Crye-Leike says its sales volume in the second quarter of 2003 was up 12.7 percent over the same quarter a year prior. Sales for the second quarter totaled $970.98 million, up from $861.83 million in the same quarter last year. Units sold totaled 6,514, up 6.9 percent compared to 6,095 a year prior.

The company’s year-to-date sales showed steady growth at $1.66 billion, up 11.4 percent from $1.49 billion reported for the same period last year. These figures represent 11,409 units sold, up 7.3 percent from 10,633.

For the month of June, Crye-Leike reports all regions had sales of $361.2 million, up 13 percent from $319.6 million last year. These figures represent 2,349 units sold in June, up at 2,130 for the same period last year.

Average residential sales prices in June 2003 for Crye-Leike’s major metro areas compared to June 2002 were: $147,237 in Chattanooga, a 22.5 percent increase from $120,156; $162,625 in Memphis, up 2.8 percent from $158,167; $149,604 in Nashville, down 3.7 percent from $155,351; and $119,739 in Johnson City, up 15.4 percent from $103,750.

“The historically low mortgage interest rates, coupled with Tennessee’s good supply of housing inventory and a better than national average employment rate are all continuing to help many Americans afford the American Dream of homeownership,” says Dick Leike, president. “And that, in turn, is fueling the economy by allowing existing owners to sell their homes and purchase another, and our sales figures reflect that positive activity.”

Crye-Leike’s disclosed second quarter sales figures for 2003 include new and existing family homes, condos and duplexes as well as commercial properties within its five regional market areas: Southeast Tenn. Region – Chattanooga; Arkansas Region – Little Rock; West Tennessee Region – Memphis; Middle Tennessee Region – Nashville and Northeast Tenn. Region – Johnson City. 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. (WEST TENN. & MISSISSIPPI REGIONS – MEMPHIS, TENN.)

 

Crye-Leike, Inc. in Memphis reported the best month ever in the history of the company. Its local sales volume in June this year was a monthly sales record of $191.6 million, up 19.3 percent from last June, which represents 1,178 closings, a 16 percent increase from last year.

Second-quarter sales of $483.6 million within Crye-Leike’s West Tennessee Region represents a 12 percent increase from $433 million last year. Its 3,108 real estate property sales in the second quarter this year represent a 6.8 percent increase over comparable quarterly results last year. Year-to-date sales volume for Crye-Leike Inc. (Memphis) was $833.3 million, up 11.4 percent from $747.8 million halfway through 2002. These figures represent 5,441 in property sales, a 6.4 percent increase over comparable year-to-date results 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, Marshall, Tunica and Lee counties in Mississippi, and Crittenden County, Ark.

Crye-Leike’s West Tennessee Region has a sales force of over 1,200 sales associates who are located in 20 branch and franchise offices in seven (7) counties throughout the West Tennessee, Mississippi and Eastern Arkansas regions.

Crye-Leike (www.crye-leike.com), a full service real estate company for 26 years, is the nation’s 10th largest real estate company and the largest serving the Southern Region of the United States.  It has a network of over 2,500 sales associates and 67 branch and franchise offices located in 36 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.  Crye-Leike attained sales of $3.17 billion and 22,198 closed transaction sides corporate wide in 2002.

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.