NWA Residential Firms Endure Market Fallout in ’07 from Arkansas Business
By George Waldon
Crye-Leike Realtors remained atop the list of largest residential real estate agencies in Arkansas. The company continued to expand its operations in the state as its combined sales and listings volume totaled more than $837 million in 2007.
While Crye-Leike was tallying a one-year increase of nearly 19 percent in Arkansas, other firms were posting declines and even shutting down.
Lindsey & Associates of Fayetteville (No. 2 at more than $407 million) endured a 30 percent decline. Dallas Real Estate Services (No. 16 at nearly $125 million in 2006) kept its doors open but closed its residential operations last year.
Also exiting were Terminella & Associates of Fayetteville (No. 44 at almost $49 million) and ERA Vision Realty of Springdale (No. 53 at nearly $43 million).
Sales volume plunged by more than 50 percent at Griffin Co. Realtors of Fayetteville (No. 12 at $125 million) and plummeted by almost 43 percent at Re/Max Real Estate Results of Bentonville (No. 10 at $139 million).
Two northwest Arkansas firms on the list allied themselves with national franchises. Clark Long & Associates of Fayetteville (No. 19 at nearly $50 million) joined the Weichert Realtors family, and Northwest Arkansas Real Estate LLC of Bentonville (No. 40 at $42.6 million) became a Prudential Real Estate affiliate.
A real estate slowdown and increased competition from Crye-Leike were two market forces at play in northwest Arkansas.
The 2006 roster included 57 firms with combined sales and listings topping $35 million. In 2007, the list was pared to 50 firms with a sales threshold of $31 million.