Leike says residential markets are ?out of the pits? – Reported by: the Memphis Business Journal

Memphis-based Crye-Leike Inc. saw a 13 percent increase in the volume of units sold in Memphis in 2012, company president Dick Leike told a room full of area brokers Tuesday morning at the company’s annual kickoff meeting.


Crye-Leike brokers in Memphis sold a total of 7,681 units in 2012, well ahead of the 6,822 units sold in the previous year.


“I believe 2011 was the bottom of the pits,” Leike said. “We saw month-over-month sales increases through 2012 … and there’s a lot of enthusiasm and a lot of activity out there.”


To illustrate the company’s successful 2012, Leike made a few allusions to 2007, a year in which area brokers generated $2 billion through the sale of more than 11,000 units. From that point through 2011, Crye-Leike reported consistent year-over-year declines both in sales and in units sold.


But Leike said the release of pent-up demand and favorable market conditions boded well for Realtors in 2012 ? and should continue to facilitate a resurgence in the residential markets.


“Believe me,” he said, “this is an opportune time for real estate agents.”


The most recent data from the Memphis Area Association of Realtors reflects Leike’s assertion. Area brokers sold 17.2 percent more homes in 2012 than in 2011 and increased sales volume by 20 percent over the same period, finishing the year at $1.94 billion in total sales volume.


Crye-Leike’s local figures reflected earlier news that the company increased sales across its seven-state footprint by $700 million for an increase of nearly 20 percent over $3.8 billion in 2011 sales.


Outside of Tennessee, Crye-Leike is active in Alabama, Arkansas, Florida, Georgia, Kentucky and Mississippi.