Crye-Leike, Realtors Discloses Record Breaking Third Quarter Sales in 2003

Memphis, Tenn. –  Tennessee-based Crye-Leike, the nation’s 10th largest real estate company, reported a record breaking third quarter at $1.1 billion in sales, an increase of 26 percent over $878.58 million this same period last year, announced company officials.

This volume was generated on the sale of 7,295 properties handled by Crye-Leike’s 2,800 sales associates and reflects the sales activity of its 68 branch and franchise offices, located in 36 counties throughout a six-state southern region in Tennessee, Arkansas, Florida, Kentucky, Mississippi and Georgia.

The company’s year-to-date sales showed steady growth at $2.77 billion, up 17 percent from $2.37 billion through September 2002. Year-to-date closings were 18,704, up 12.8 percent from the 16,581 closings reported through September 2002.

“This was our best quarter for closings in three of our four major regions – Memphis, Nashville and Chattanooga. We’re just gearing up in Little Rock,” says Chief Executive Officer Harold E. Crye. “Record low mortgage rates and an improving economy are the driving forces of this market.”

“Unemployment in our major markets remains relatively low. Inventories of available housing are increasing in some markets. These factors, coupled with 2,800 of our motivated sales associates, also paved the way for these strong results,” says President Dick Leike.

Crye-Leike’s disclosed third 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: West Tennessee Region – Memphis; Middle Tennessee Region – Nashville; Southeast Tenn. Region – Chattanooga; Northeast Tenn. Region – Johnson City; and Arkansas Region – Little Rock. 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 third quarter sales results within Crye-Leike’s five regional market areas.

 

WEST TENNESSEE REGION: CRYE-LEIKE INC. (Memphis, Tenn.; West Memphis, Ark., and North Mississippi)

Crye-Leike reports local sales volume in the Greater Memphis market area to be $547.74 million in the third quarter this year, up 19 percent from $461.87 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 3,471, up 20 percent from same-quarter results a year earlier. Year-to-date sales volume for Crye-Leike in the Greater Memphis area was $1.38 billion, up 14 percent from $1.21 billion through September 2002. Year-to-date closings were 8,912, which is an 11 percent increase from the 8,001 closings reported through September 2002.

Crye-Leike’s third 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 19 branch offices and four franchise offices in eight (8) counties throughout West Tennessee, Mississippi and Eastern Arkansas. Those counties include Hardin and Shelby counties in Tennessee; Crittenden County in Arkansas; and DeSoto, Lee, Lowndes, Marshall and Union counties in Mississippi.

 

MIDDLE TENNESSEE REGION: CRYE-LEIKE OF NASHVILLE INC.(NASHVILLE)

In the Nashville metro area, Crye-Leike’s third-quarter sales totaled $342.20 million, representing a 21 percent increase from $282.79 million reported for the same period last year. Its 2,219 real estate property sales in the third quarter this year was up 14 percent over the same quarter a year prior. Year-to-date sales volume for Crye-Leike of Nashville was $848.40 million, up 6 percent from $800.79 million through 2002. These figures represent 5,662 in property sales, a 3 percent increase over comparable year-to-date results last year.

Crye-Leike of Nashville, Inc. is celebrating its 10th anniversary in business within the Greater Nashville area since 1993. It has 19 branch and franchise offices in nine counties throughout Middle Tennessee in Davidson, 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.

 

SOUTHEAST TENNESEE REGION: CRYE-LEIKE OF CHATTANOOGA INC.

Crye-Leike of Chattanooga disclosed its regional sales volume in Chattanooga to be $139.14 million in the third quarter of this year, up 30 percent, and property sales totaled 983, up 14 percent from sale-quarter results a year earlier. Year-to-date sales volume totaled $364.41 million, up 26 percent, and property sales totaled 2,713, a 13 percent increase from the sales reported through 2002.

Crye-Leike of Chattanooga, Inc. has 12 branch and franchise offices in eight counties within the Southeast Region of Tenn.: Bradley, Grundy, Hamilton, McMinn, Meigs, Rhea and Roane counties, including Catoosa County in North Georgia. Crye-Leike sales associates currently total over 300 within its Southeast Region of Tenn.

 

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

Crye-Leike of East Tennessee in Johnson City reports sales volume in the third quarter of 2003 totaled $7.29 million, up 81 percent from same-quarter results a year earlier. Its 64 real estate property sales in the third quarter this year represent a 78 percent increase from same-quarter results a year earlier. Year-to-date sales volume totaled $18.54 million, representing 163 units sold, up 4 percent from $17.79 million through September 2002.

Crye-Leike’s Northeast Region of Tennessee has three 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.

 

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

Crye-Leike of Arkansas Inc. disclosed a record 2003 sales volume in the third quarter of $69.33 million, up 209 percent from 22.44 million last year. Third-quarter unit sales totaled 558, up 168 percent from same-quarter results a year earlier. 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 $154.76 million, representing 1,254 units sold, a 203 percent increase from the sales reported through 2002.

Crye-Leike of Arkansas, Inc. has a sales force of over 200 sales associates who are located in nine (9) branch and franchise offices within six (6) counties in Arkansas: Craighead, Faulkner, Garland, Mississippi, Pulaski and Saline. Its branch and franchise offices are conveniently located in:  Blytheville, Bryant, Conway, Hot Springs, Little Rock, Jonesboro and North Little Rock.     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 its other hub offices in Memphis, Nashville, Chattanooga and Johnson City in Tennessee.

 

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 2,800 sales associates and 68 branch and franchise offices located in 36 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.  As a privately-held company, 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.