Crye-Leike’s First Quarter Sales: A Barometer of Tenn.’s Real Estate Market

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 first quarter sales report.

“The improving economy, along with record low mortgage rates, has helped fuel the record sales levels,” says Chief Executive Officer Harold E. Crye. “The National Association of Realtors predicts that historically low mortgage interest rates will dominate again this year, which will help to keep Crye-Leike’s sales strong and very close to last year’s record of $3.66 billion.”

Memphis-based Crye-Leike, Realtors says its sales volume in the first quarter of 2004 was up 20.7 percent over the same quarter a year prior. Sales for the first quarter totaled $833.48 million, up from $690.51 million in the same quarter last year. Units sold totaled 5,707, up 16.6 percent compared to 4,895 a year prior.

Average residential sales prices in March 2004 for Crye-Leike’s major metro areas compared to March 2003 were: $132,186 in Chattanooga, a 9.3 percent decrease from $145,870; $151,912 in Memphis, up 6.4 percent from $142,820; and, $143,424 in Nashville, up 5.1 percent from $136,415.

The real estate market is entering its busiest time of year for buying and selling homes. Increased sales during the first quarter are a good indicator that activity will be strong this spring, notes President Dick Leike.

“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 Leike. “And that, in turn, is fueling the economy by allowing existing owners to sell their homes and purchase other ones, and our sales figures reflect that positive activity.”

Crye-Leike’s disclosed first quarter sales figures for 2004 include new and existing family homes, condos and duplexes as well as commercial properties within its four regional market areas: East Tenn. Region – Chattanooga, including Johnson City; Middle Tenn. Region – Nashville; West Tenn. Region – Memphis; 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 first quarter sales results within Crye-Leike’s West Tennessee Region (Memphis, including Mississippi), one of four regional market areas that includes: Arkansas, Middle Tennessee (Nashville) and East Tennessee (Chattanooga, including Johnson City, Tenn. and Ft. Oglethorpe, Ga.).

 

CRYE-LEIKE, INC. – MEMPHIS, TENN.

(WEST TENN. REGION, INCLUDING MISSISSIPPI)

Crye-Leike, Inc. reported record months during January, February and March 2004 for closed business in its West Tennessee Region.

First-quarter sales of $399.82 million within Crye-Leike’s West Tennessee Region represents a 14.3 percent increase from $349.7 million last year. Its 2,561 real estate property sales in the first quarter this year represent a 9.8 percent increase over comparable quarterly results last year.

Crye-Leike’s first quarter report for its West Tenn. Region includes sales in and around Shelby, Fayette and Tipton counties in Tennessee as well as those counties in and around 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 located in nineteen (19) branch and four (4) franchise offices in eight (8) counties throughout the regions of West Tennessee, Eastern Arkansas and Mississippi. Those regions include Hardin and Shelby counties in Tennessee; Crittenden County in Arkansas; and DeSoto, Lee, Lowndes, Marshall and Union counties in Mississippi.

Crye-Leike (www.crye-leike.com), a full service real estate company for 27 years, is the nation’s 10th largest real estate company and the largest serving Tennessee and the Mid-South.  It has a network of over 2,800 sales associates and 71 branch and franchise offices located in 38 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.  Crye-Leike attained sales of $3.66 billion and 24,953 closed transaction sides corporate wide in 2003.

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; mortgage lending facilities; insurance services; title services; home services; auction services; apartment locator services; franchise sales and builder resource services.

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.