Crye-Leike Posts Record Sales of Over $3.6 Billion in 2003

Little Rock, Ark.  – Tennessee-based Crye-Leike, the nation’s 10th largest residential real estate company and largest in Tennessee and the Mid-South, posted a record sales performance of over $3.6 billion in 2003, the highest ever in company history. Crye-Leike officials made this announcement to its 2,800-plus sales associates at the company’s 27th annual meetings held January 2004 in its Memphis, Nashville, Chattanooga and Little Rock regions.

Crye-Leike reported $3.66 billion in year-end sales volume company wide for 2003, up 15.64 percent from $3.17 billion through Dec. 2002. These 2003 figures represent Crye-Leike’s sales associates handling 24,953 closings within a four-state region, a 12.4 percent increase from the 22,198 closings reported through Dec. 2002.

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

“To put our $3.6 billion in sales into perspective,” says Crye, “that represents our 2,600 Crye-Leike sales associates selling a property every 22.5 minutes and generating over $10 million in sales every day of the year.”

“Buying and selling real estate can be a daunting task for consumers,” says Leike, “but at Crye-Leike, we have made the process easy by creating an atmosphere of working together. We have bundled all the services needed to complete a real estate transaction together under one roof so our sales associates and company staff can offer and provide our customers a complete marketing package.”

As a full service real estate company, Crye-Leike offers real estate and related services, including: residential real estate services; relocation services; commercial business and investment real estate services; property leasing and management services; development and construction services; REO foreclosure services; insurance services; title services; home services; auction services; apartment locator services; franchise sales and builder resource services.

For services outside Crye-Leike’s realm of expertise, the company has developed business partnerships to facilitate the buying and selling process and to foster an atmosphere of cooperation, says Leike. Such service partners include those with First Trust Bank for Savings for mortgage lending services where a mortgage representative is found in almost every branch office of Crye-Leike and American Home Shield as Crye-Leike’s single source for home warranties.

Edging toward $4 Billion in sales.    “Crye-Leike is a strong, viable company that continues to grow,” says Crye, “and our track record proves it.”

“We are keeping our fingers crossed that 2004 will be like 2003, a year in which sales records were broken in all our regional markets,” says Crye. “If our sales force continues at this record pace, then Crye-Leike could potentially attain its next milestone of $4 billion by year-end.

Fourth quarter.    Crye-Leike reports $893.41 million in sales during the fourth quarter of 2003, a 12.2 percent increase over $795.69 million this same period in 2002. These figures represent 6,250 units sold during the fourth quarter in 2003, an 11 percent increase from 5,616 closings reported for the same period in 2002.

December sales.    For the month of December 2003, Crye-Leike reported $310.63 million in sales, up 15 percent from $269.08 million in 2002. These figures represent 2,165 units sold in December 2003, a 12.4 percent increase from 1,925 closings reported for the same period in 2002.

Average residential sales prices.         Average residential sales prices in December for Crye-Leike’s major metro areas compared to December 2002 were: $130,517 in Chattanooga, up .64 percent from $129,684; $99,373 in Little Rock, Ark., down 10.4 percent from $110,894; $141,639 in Memphis, down 2.9 percent from $145,849; and $170,166 in Nashville, up 24 percent from $137,740.

Crye-Leike’s 2003 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.

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 almost tripled Crye-Leike’s real estate sales in Arkansas since establishing a Jonesboro corporate office in 1999.

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

Sales reported by Crye-Leike of Arkansas, Inc. includes sales from its nine corporate offices in the Greater Little Rock area, including Jonesboro.

Year-end sales volume in 2003 for Crye-Leike of Arkansas, Inc. totaled $221.63 million, up 188 percent from $77 million through 2002. These figures represent 1,836 in property sales, a 139 percent increase over comparable year-end results in 2002.          Crye-Leike of Arkansas, Inc. reported fourth-quarter sales at $66.88 million in 2003, representing a 159 percent increase over same-quarter results a year prior. Its 582 real estate property sales in the fourth quarter of 2003 represent a 139 percent increase over comparable quarterly results a year prior.

Crye-Leike of Arkansas’ local sales volume in Dec. 2003 was $25.14 million, up 212 percent from $8.98 million in 2002. These figures represent 253 units closed, a 180 percent increase from the same period in 2002.

Crye-Leike has nine corporate offices in six counties in Arkansas, located in Bryant, Conway, Hot Springs, Jonesboro, Little Rock (2), Maumelle, North Little Rock and West Memphis, with one office opening soon in Benton. In addition, there is one Crye-Leike franchise office located in Blytheville.     Its sales force is over 225 sales associates who market residential, commercial, investment property, farms and acreage sales in Craighead, Crittenden, Faulkner, Garland, Hot Springs, Mississippi, Pulaski and Saline counties.

ABOUT CRYE-LEIKE.    Crye-Leike (www.crye-leike.com), a full service real estate company for 26 years has a network of over 2,800 sales associates and 68 corporate and franchise offices located in 36 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.

Crye-Leike is ranked No. 10 among the 500 largest residential real estate brokerage firms in the United States and No. 6 in the nation among the 133 largest privately owned and independent real estate companies, according to statistics compiled from RealTrends, a national organization that tracks the real estate industry.