Crye-Leike’s First Quarter Raises the Bar in Real Estate Sales
Memphis, Tenn. – Crye-Leike, the nation’s 10th largest residential real estate company and largest in Tennessee and the Mid-South, reports strong across-the-board sales activity due to favorable market conditions as disclosed in its first quarter sales report.
“The appeal of homeownership as a sound investment continues to drive the housing market as our company’s sales reflect a new all-time record,” says Harold E. Crye, chief executive officer. “Mortgage rates, employment, household income and other favorable market conditions continue to drive demand, which we predict will keep Crye-Leike’s sales steady and very close to last year’s record of $4.6 billion.”
Memphis-based Crye-Leike, Realtors reports first quarter sales company wide in 2005 up 23.3 percent over the same quarter a year prior. First quarter sales totaled $1.02 billion, up from $830.2 million in the same quarter last year. Units sold totaled 6,458, up 13.8 percent compared to 5,676 a year prior.
For the month of March, the real estate giant reports that all of its regions had sales of $423.2 million, up 23 percent from $345.3 million last year. These figures represent 2,768 units sold in March, up 18 percent from 2,345 for the same period last year.
The average residential sales prices in March 2005 for Crye-Leike’s major metro areas compared to March 2004 were: $152,611 in Chattanooga, a 15 percent increase from $132,722; $158,615 in Memphis, up 2 percent from $155,801; $165,310 in Nashville, up 12.3 percent from $147,171; and $112,536 in Central Arkansas, including Jonesboro, Ark., down 11.7 percent from $127,464.
The real estate market is entering its peak, selling season for residential real estate. “Increased home sales during the first quarter nationally, as recently reported by the National Association of Realtors, and within our company are good indicators that home sales activity will remain strong this summer,” notes President Dick Leike. “A climb in home sales illustrates that despite the Federal Reserve Bank raising short-term interest rates (designed to keep inflation in check), historically long-term rates that influence home mortgage rates are continuing to spur home sales.” Looking ahead, CEO Harold Crye agrees that a slowly rising interest rate will not put the real estate market at risk but rather will further act as an agent of balance. ” A one-percent increase, which is possible if not likely, would have little to no impact on the industry,” says Crye. “A three-percent increase would take out payment-conscious first-time buyers who account for about 40 percent of the real estate market, which would, in turn, impact all activity up the price chain.”
Crye-Leike’s disclosed first quarter sales figures for 2005 include new and existing single-family homes, condos and duplexes as well as commercial properties within a six-state regional market area (Arkansas, Florida, Georgia, Kentucky, Mississippi and Tennessee). Sales figures also include production from 88 branch and franchise offices in operation during 2005 and represent the sales volume of both listing and selling sides of a real estate transaction, which involve a buyer and a seller.
The reports on the following pages disclose 2005 sales totals for Crye-Leike’s four regional hub offices in Little Rock (Central Arkansas Region), Chattanooga (East Tennessee Region), Nashville (Middle Tennessee Region), and Memphis (West Tennessee Region) as well as within its franchise territories in Tenn., Ark., Fla., Ky., Miss.
CRYE-LEIKE’S ARKANSAS REGION. Crye-Leike reports regional sales volume in Arkansas at $112.43 million in the first quarter of this year, up 47 percent from $76.5 million in the same quarter a year prior. Units sold totaled 915, up 37 percent compared to 667 a year earlier.
The month of March this year showed a local sales volume of $45.5 million, a strong 42 percent increase from $32.1 million over comparable monthly results last year. There were 404 real estate closings in March, a 60.3 percent increase from 252 closings reported for the same period last year.
May 2005 marks the third year in which Crye-Leike expanded its market presence into Central Arkansas by opening its fourth regional hub office in Little Rock, joining Memphis, Nashville and Chattanooga in Tennessee. During that time period, nine additional branch offices have 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 by double digit rates. Plans for future growth include the opening of an office in Cabot, Ark. as well as expansion of some existing offices.
Crye-Leike’s first quarter report for its Arkansas Region includes sales in and around Craighead, Faulkner, Garland, Pulaski and Saline counties.
Crye-Leike of Arkansas, Inc. has a sales force of over 280 sales associates who are located in 11 branch offices in Arkansas. Its branch offices are conveniently located in Benton, Bryant, Conway, Hot Springs, Jonesboro, Little Rock (2), Maumelle, North Little Rock, West Little Rock and its newest addition, Cabot.
CRYE-LEIKE’S WEST TENNESSEE REGION. Crye-Leike, Inc. reports record months during January, February and March 2005 for closed business in its West Tennessee Region, including Mississippi.
Crye-Leike, Inc. reports first quarter sales of this year for its West Tennessee Region at $418 million, representing 2,531 units sold, up 5 percent from $399.8 million, in the same quarter a year prior.
Local sales volume in March of this year was $174.3 million, up 4 percent from last March. These figures represent 1,099 closings, a 2.2 percent increase from the same period last year.
Sales reported by Crye-Leike, Inc. (Memphis) includes sales in the Greater Memphis area, including West Memphis, Ark. and Olive Branch, Hernando, Southaven and Tupelo, Miss.
Crye-Leike, Inc. in Memphis has a sales force of over 1,200 sales associates who are located in 21 branch offices in four counties throughout its West Tennessee Region. Those counties include: Shelby County in Tennessee and DeSoto and Lee counties in Mississippi, including Crittenden County in Arkansas.
CRYE-LEIKE’S MIDDLE TENNESSEE REGION. Crye-Leike of Nashville reports record months during January, February and March 2005 for closed business in its Middle Tennessee Region.
First quarter sales of this year for its Middle Tennessee Region were $276.3 million, representing 1,668 in units sold and up 10.2 percent from $251.5 million in the same quarter a year prior. Local sales volume in March of this year was $114.6 million, up 7.3 percent from last March, representing 693 closings.
Sales reported by Crye-Leike of Nashville, Inc. includes sales in eight counties surrounding the Greater Nashville metropolitan area.
Crye-Leike of Nashville, Inc. has a sales force of over 800 sales associates who are located in 19 branch offices in eight counties throughout its Middle Tennessee Region, located in Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties.
CRYE-LEIKE’S EAST TENNESSEE REGION. Crye-Leike of Chattanooga reports record months during January, February and March 2005 for closed business in its East Tennessee Region.
Sales volume in the first quarter of this year totaled $138.6 million, up a healthy 36 percent from $102.3 million in the same quarter last year. Units sold totaled 875, up 17.5 percent compared to 745 units closed the same-quarter results a year earlier.
Local sales volume in March of this year was $55 million, up 44 percent from last March. These figures represent 360 closings, a 25 percent increase from the same period last year.
Sales reported by Crye-Leike of Chattanooga, Inc. includes sales in five counties surrounding the Greater Chattanooga metropolitan area, including Johnson City, Tenn. in Washington County and Fort Oglethorpe, Ga. in Catoosa County. Crye-Leike of Chattanooga, Inc. has a sales force of over 390 sales associates who are located in nine branch offices in five counties within its East Tennessee Region in Bradley, Hamilton, McMinn and Washington counties, including Catoosa County in North Georgia. CRYE-LEIKE’S FRANCHISES. Crye*Leike Franchises, Inc. discloses sales volume in the first quarter of 2005 at $ 78.2 million, up 150 percent from $31.3 million in the same quarter last year. Units sold totaled 469, up 163.5 percent compared to 178 units closed from same-quarter results a year earlier.
Local sales volume in March of this year was $34 million, a a 125.2 percent increase from $15 million over comparable monthly results last year. These figures represent 212 real estate closings in March, a 136 percent increase from 90 closings reported fro the same period last year.
First-quarter franchise sales in 2005 as reported by Crye*Leike Franchises, Inc. represent 16 Crye-Leike franchise offices currently in full operation.
Crye*Leike Franchises (www.crye-leike.com/franchises) is the real estate franchisor subsidiary of Crye-Leike, providing comprehensive training, management, administrative and marketing support for the Crye-Leike franchise system. The division focuses its marketing efforts on establishing franchise territories in smaller populated areas where it would not normally open a company office because of market size and location.
Crye*Leike Franchises is currently comprised of 26 independently owned and operated franchise brokers who are located in 24 counties within six territories of the United States in Tennessee, Arkansas, Georgia, Mississippi, Kentucky and Florida.
ABOUT CRYE-LEIKE. Crye-Leike (www.crye-leike.com), a full service real estate company for 28 years, has a network of over 2,800 sales associates and 88 branch and franchise offices located in 46 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. 7 among the nation’s 152 largest privately owned and independent real estate companies, according to statistics compiled from Real Trends, Inc., the leading provider of information and analysis for the residential real estate industry.
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. Crye-Leike’s Web site is the source for real estate, with over 2 million properties nationwide posted for sale.