Crye-Leike Reports Record Sales of $5.6 Billion in 2005

MEMPHIS, TENN. – Tennessee based Crye-Leike, Inc., the nations 10th largest residential real estate company and the largest in the Mid-South, posted a record sales year of over $5.6 billion in 2005; the highest sales performance in company history.


Founded in 1977 by partners Harold Crye and Dick Leike, Crye-Leike has experienced a consistent growth pattern over the past 29 years.  “Your attitude determines how successful you are,” Dick Leike announced to the nearly 3000 sales associates at the Company’s annual January meetings before revealing the 2005 sales figures.  “It’s your drive and your positive and inspiring attitude that allow us to succeed as a team.”


Crye-Leike’s reported $5.6 billion in total sales, including residential and commercial, is up 16% from 2004.  To achieve this, sales associates processed an astonishing 34,039 closings throughout the year.  Based on normal hours of operation, Crye-Leike closed a sales transaction every 5-? minutes.  “We attribute this record sales growth to our experienced, well-trained, and dedicated sales team,” said Chief Executive Officer Harold Crye.  “We opened our first office in the Metro Atlanta area at the beginning of December and ended the year with sales close to $2 million in that area alone.  We are excited about the opportunities that area holds for the future of Crye-Leike.”


Sales totals for the four regional divisions of Crye-Leike all increased significantly in 2005:


Memphis / West Tennessee:    $2,307,195,454 – up 9.83%

Nashville / Middle Tennessee:    $1,506,877,432 – up 12.83%

Chattanooga / East Tennessee (including Metro Atlanta):  $694,125,806 – up 21.01%

Little Rock, Arkansas:        $611,113,880 – up 45.79%

Franchise Operations:        $438,312,944 – up 84.31%


In addition, Crye-Leike’s Commercial division in Nashville, Tennessee, experienced a 73.60% increase in sales, ending 2005 with $40,333,201 in closings.


In a release dated December 12, 2005, The National Association of Realtors stated that the housing market in 2005 was headed for a fifth consecutive annual record, and that sales activity in 2006 is expected to be the second best year in history.


“We’ve seen a steady increase in home sales, despite analyst predictions,” stated Crye.  “There is a lot of demand in the market, and we expect strong sales to continue in our key markets.  Plans are currently underway to enter two new markets in 2006, including North-West Arkansas and Jackson, Mississippi; as well as continue to expand the Metro Atlanta market with six additional offices.”


Crye-Leike’s 2005 sales figures include new and existing single-family homes, condos and duplexes as well as commercial properties within a seven-state regional market area (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi and Tennessee). Sales figures also include production from 94 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.