Crye-Leike Central Arkansas Homes Sales Down 10 Percent – Arkansas Business News
Arkansas Business News Story
By George Waldon
1/29/2009 11:03:01 AM
Central Arkansas home sales during 2008 were down 10 percent for Crye-Leike Realtors. The company recorded more than $660 million in home sales during the year.
Harold Crye, CEO and co-founder, announced the news at the company’s Arkansas region kick-off meeting this week at the Embassy Suites Hotel in west Little Rock.
“Our Arkansas agents should be pleased to be in one of the better markets in the country,” Crye said. “They did very well compared to other regions.”
Based in Memphis, the firm operates the largest residential realty network in Arkansas. The company’s central Arkansas offices are in Faulkner, Garland, Lonoke, Pulaski and Saline counties, with franchise operations in Cleburne and White counties.
Crye described 2008 as one of the most challenging housing markets since the company opened for business in 1977 and hoped things would improve this year.
“We are calling 2009 a workout year for real estate expecting the market to pick up as early as May or June,” he said. “With banks cutting builders back there is not a whole lot of new construction going on right now. We expect to see a shortage of homes in 2010, which will drive home values back up.”
Companywide, Crye-Leike agents sold 25,871 homes totaling $4.2 billion. The firm is the fourth largest real estate concern in the nation, with a network of more than 3,500 licensed sales associates based out of 126 corporate and franchise offices located in 65 counties throughout an eight-state region of Tennessee, Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi and North Carolina.
Dick Leike, president and co-founder, is optimistic that historically low interest rates will help housing markets bounce back.
“I have been in this business since I was 17 and haven’t seen interest rates like we have now since 1960,” Leike said.