Crye-Leike Sales Volume Dives 26% in 2008 – From The Memphis Business Journal

Tuesday, January 6, 2009, 2:02pm CST


Memphis Business Journal – by By Andy Ashby Staff writer | 901-259-1732


If 2008 was a rough year for residential real estate, it didn’t show at the 32nd annual Crye-Leike Realtor Kick-off, held this morning at the University of Memphis Holiday Inn.


After opening its meeting with a live version of “La Bamba,” Crye-Leike Inc. general manager Steve Brown told the crowd that the company had $4.2 billion in sales across eight states for 2008, a result of 25,871 property closings last year.


But that figure is down significantly from the company’s previous years. The company recorded sales of $5.7 billion on 32,500 unit closings in 2007, reflecting a 26% sales volume decrease from 2007 to 2008.


Sales were $6.1 billion on 35,498 unit closings in 2006, $5.6 billion on 34,039 closings in 2005 and $4.61 billion on 29,581 closings in 2004.


The 2008 figure included $1.3 billion in company sales in the Memphis area. Comparatively, Crye-Leike recorded $2 billion in 2007 Memphis area sales volume and $2.1 billion in 2006.


Brown also reviewed Crye-Leike’s goals from last year. The company started, and then delayed, construction of its new Oakland/Fayette County office and its Midtown office on Madison Avenue. Those projects are expected to be completed this year. Crye-Leike also expanded its Arlington office last year.


For 2008, the company’s Web traffic was up 14%, possibly a result of its focus on more Internet advertising and less newspaper advertising.


Brown said that for 2009, the company has a goal of $1.4 billion in local sales.


It will also focus its Realtor education on financing options, appraisals, government-sponsored programs and incentives for customers. The company is also adding its listings to Yahoo and real estate Web site Frontdoor.


Crye-Leike recognized several Realtors through its “Circle of Excellence,” including Barbara Becker, Terry Boyd, Rick Deegler, Loura Edmondson, Jan Gordon, Debra Hood, Clare Maness, Terry Pera, Landra Pryor and LaQuinta Rucker.


Based in Memphis, Crye-Leike Realtors is the nation’s fourth largest real estate firm. It has 1,100 agents in the Memphis area with its largest offices in Memphis and Nashville. | 259-1732