Crye-Leike Reports Brisk Second Quarter Sales in 2003:
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.
Following is a summary of second quarter sales results within Crye-Leike’s five regional market areas.
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 OF CHATTANOOGA, INC. (SOUTHEAST TENN. REGION)
Within Crye-Leike’s Southeast Tennessee Region, sales volume in the second quarter totaled $132.5 million, up 22 percent, and property sales totaled 948, up 3.6 percent from same-quarter results a year earlier.
Year-to-date sales volume totaled $225.3 million, up 23.2 percent, and property sales totaled 1,730, a 12.5 percent increase from the sales reported halfway through 2002. The month of June showed a local sales volume of $44 million, up 13 percent from last June, representing 299 units closed.
Crye-Leike of Chattanooga, Inc. has eight branch offices in four counties within the Southeast Region of Tenn.: 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. Crye-Leike sales associates currently total over 300 within its Southeast Region of Tenn.
CRYE-LEIKE OF ARKANSAS, INC. (ARKANSAS REGION: LITTLE ROCK & JONESBORO)
May 2003 marks the first year in which Crye-Leike expanded its market presence in Arkansas by opening its fifth regional hub office in Little Rock, joining Memphis, Nashville, Chattanooga and Johnson City in Tennessee. During that one-year time period, four additional branch offices were opened in the Little Rock region to join Crye-Leike’s sales efforts in West Memphis and Jonesboro, strategic moves that have escalated Crye-Leike sales in Arkansas to new heights.
Crye-Leike reports regional sales volume in Arkansas to be $48 million in the second quarter of this year, up 193 percent, and property sales totaled 431, up 152 percent from same-quarter results a year earlier. Year-to-date sales volume totaled $85.4 million, up 198 percent from $29 million through June 2002. Year-to-date closings were 696, a 120 percent increase from 316 closings reported through June 2002.
The month of June this year showed a local sales volume of $21 million, a 261 percent increase from $5.8 million over comparable monthly results last year. There were 175 real estate closings in June, a 213 percent increase from 56 closings reported for the same period last year.
Crye-Leike of Arkansas, Inc. has a sales force of over 160 sales associates who are located in nine (9) branch and franchise offices within seven (7) counties in Arkansas: Craighead, Crittenden, Faulkner, Garland, Mississippi, Pulaski and Saline. Its branch and franchise offices are conveniently located in: Blytheville, Bryant, Conway, Hot Springs, Little Rock, Jonesboro, North Little Rock and West Memphis.
Crye-Leike initially established a market presence in Arkansas with the opening of its West Memphis branch office in February 1997, followed by Jonesboro in December 1999. Its first Arkansas franchise was established in Blytheville in July 2000. Crye-Leike grew regionally by establishing its fifth regional hub office in Little Rock, Ark. in May 2002, joining Memphis, Nashville, Chattanooga and Johnson City in Tennessee.
CRYE-LEIKE OF NASHVILLE, INC. (MIDDLE TENN. REGION)
Crye-Leike of Nashville, Inc. celebrated its 10th anniversary doing business in Nashville. Second quarter sales for Crye-Leike’s Middle Tennessee Region totaled $299.8 million, up a marginal .5 percent from same-quarter results a year earlier, representing 1,966 in property sales. Year-to-date sales volume totaled $506.2 million, down 2.3 percent from sales reported halfway through 2002, and property sales totaled 3,443. June sales totaled $101.3 million, with 671 units closed.
Crye-Leike of Nashville, Inc. has 20 branch and franchise offices in 10 counties throughout Middle Tennessee in Davidson, Grundy, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties, including Warren County in Kentucky. Sales associates in the Greater Nashville area currently total over 800.
CRYE-LEIKE OF EAST TENNESSEE, INC. (NORTHEAST TENN. REGION – JOHNSON CITY)
Crye-Leike reports local sales volume in the Northeast Tenn. Region to be $7.2 million in the second quarter this year, up 28.3 percent from $5.6 million last year. Second-quarter unit sales totaled 61, up 45 percent from same-quarter results a year earlier. June sales of $3.5 million represent a 39 percent increase from $2.5 million over comparable monthly results last year. Year-to-date sales volume for Crye-Leike in the Northeast Tenn. Region was $11.2 million, representing 99 units sold through June 2003.
Crye-Leike’s Northeast Region of Tennessee has four branch and franchise offices in three counties: Greene, Hamblen and Washington counties. Crye-Leike of East Tennessee (Johnson City) has over 30 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 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.