Real Estate News

Crye-Leike Posts Record Year of $6.36 Billion in Sales:

Release Date:     February 14, 2017
Category: Sales and Ranking


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Highest in Company's 40-Year History

Memphis, Tenn. (February 14, 2017) Tennessee-based Crye-Leike, the nation's fourth largest privately-held residential real estate brokerage firm and the largest in Tennessee and the Mid-South, posted a record sales year of $6.36 billion in 2016, the highest sales performance in the company's 40-year history. In comparison, the company reached its peak sales performance at $6.10 billion in 2006.

Crye-Leike's $6.36 billion sales volume companywide in 2016 was up 10.8 percent from $5.74 billion through Dec. 2016. These 2016 figures represent Crye-Leike's 3,258 sales associates handling 32,834 closings within a nine-state region, a 4.46 percent increase from the 31,826 closings reported through Dec. 2015.

"Our network of over 3,200 Crye-Leike sales associates has been opening doors and connecting people to the world of homeownership for the past 40 years," says President Dick Leike. "And during that 40-year period, Crye-Leike is proud to report that we have impacted 629,148 families by helping them realize the dream of homeownership. Homeownership will continue to be one of the most sound long term investments most buyers will ever make."

Crye-Leike's 2016 sales figures include new and existing single-family homes, condos and duplexes as well as commercial properties within a nine-state regional market area (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, and Tennessee). Sales figures also include production from 126 company-owned and franchise offices in operation during 2016 and represent the sales volume of both listing and selling sides of a real estate transaction, which involve a buyer and a seller.

Outperformed Company Sales Goal. "In spite of historic inventory shortages across all regions in 2016, Crye-Leike was able to increase sales volume by 10.8 percent enterprise wide with a grand total of $6.36 billion in closed business,” said Chief Executive Officer Harold E. Crye. "The 2016 sales goal we set for ourselves was 5 percent, so we outperformed in that respect.

Additionally, Crye-Leike's overall number of sales units increased by 4.4 percent, while many parts of the United States housing market saw decreases in the number of sales units due to the issues related to the lack of inventory, i.e., new home sales at half their norm; the 'Where do I go if I sell my house' mindset. Yet, Crye-Leike still managed to close nearly 33,000 sales," he added.

Average Sales Per Agent Increased. "Our agents have been improving their sales skills through live training events such as Ninja and national trainers and speakers at our company conferences, with the results showing up in their per person productivity," says Steve Brown, president of Crye-Leike Residential Sales. "In the last few years, the national norm for many large real estate firms or franchises is from five to nine sales closed per person per year."

Brown reported that within Crye-Leike's Central Arkansas Region, it averaged over 14 sales per agent; in Huntsville, Ala, it averaged 11.9 sales per agent; in its Memphis, Tenn. Region, 11.6 sales per agent; and in its Northwest Ark Region, it averaged 12.2 sales per agent.

"So in spite of our size, Crye-Leike is closing high numbers per agent compared to our peer firms and franchises in the United States," says Brown. "Our company’s overall is 10.4 sales per agent. Although that's not bad, the areas sited are exemplary."

For 2017, CEO Crye says the company has increased its sales volume goal to $6.7 billion which is a 7 percent increase.

"Even though we know we will face headwinds of higher rates (around mid-to upper 4.5 percent); continuing shortages of new construction (lack of lots, tougher lending standards and a shortage of labor); lack of existing inventory for sale and student loan debt, we still think that the overall economic growth, improving employment picture and more household formation, will have an overall positive impact and increase both volume and number of sales," says Crye, "barring an uncontrollable event in the global economic picture."

Crye-Leike also saw a record usage of its other core services, insurance, title, relocation, property management, mortgage and home services.

"We know that consumers prefer a 'full service' company when given that choice due to the convenience, efficiency and dependable nature of completing a real estate transaction under one roof, alongside of a trusted brand, like Crye-Leike," says President Leike.

CRYE-LEIKE REGIONAL REPORTS

The regional reports that follow disclose 2016 sales totals for each of Crye-Leike's nine regional territories located within Ala., Ark., Ga., Miss., and Tenn. as well as cumulative sales totals within its five franchise territories in Ark., Fla., Ky., Miss. and Tenn.

In summary, Crye-Leike"s West Tenn. Region outperformed all other Crye-Leike regions reporting $ 1.83 billion in sales in 2016. Its Middle Tenn. Region ranks No. 2 in sales performance at $1.36 billion, followed by Central Ark. at $ 745.92 million; Northwest Ark. at $522.74; Southeast Tenn. at $438.40 million; East Tenn. at $268.77 million; Alabama at $265.52 million; Georgia at $254.62 million; and Mississippi at $146.41 million.

ALABAMA REGION Crye-Leike's Alabama Region includes sales from its 105 sales associates located in five corporate-owned offices, including Huntsville. Crye-Leike's year-end sales volume in Alabama totaled $265.52 million in 2016, representing 1,251 in year-end closings. Its average sales price year-to-date in 2016 rose to $212,245, compared to $202,638 in 2015.

Crye-Leike's Alabama listings and sales are represented in Colbert, DeKalb, Franklin, Jackson, Jefferson, Lamar, Lauderdale, Limestone, Madison, Marshall, Morgan and Walker counties.

ARKANSAS - CENTRAL ARK. REGION Crye-Leike's Central Arkansas Region includes sales from its 346 sales associates in nine company-owned offices.

Crye-Leike's year-end sales volume in Central Arkansas totaled $ 745.92 million in 2016, up 1.49 percent from $ 734.96 million through 2015. These figures represent 4,981 in property sales, over 4,990 comparable year-end results in 2015. Its average sales price year-to-date in 2016 was $149,754 compared to $147,287 in 2015.

Crye-Leike's Central Arkansas listings and sales are represented in and around Craighead, Garland, Faulkner, Lonoke, Pulaski and Saline counties.

ARKANSAS - NORTHWEST ARK. REGION Crye-Leike's Northwest Arkansas Region includes sales from its 226 sales associates in nine company-owned offices, including Rogers, Ark. as well as Joplin, Mo. and Grove, Okla. Crye-Leike's year-end sales volume in NW Arkansas totaled $ 522.74 million in 2016, up 14.6 percent from $ 456.25 million through 2015. These figures represent 2,758 in property sales, over 2,818 comparable year-end results in 2015. Its average sales price year-to-date in 2016 was $ 189,535 compared to $161,905 in 2015.

Crye-Leike's NW Arkansas listings and sales are represented in and around Benton and Washington counties in Ark. as well as Jasper County, Mo. and Delaware County, Okla.

GEORGIA REGION Crye-Leike's Georgia Region includes sales from its 241 sales associates located in 11 corporate-owned offices, including Atlanta.

Crye-Leike's year-end sales volume in Georgia totaled $254.62 million in 2016, up 31 percent from $194.45 million through 2015, representing 1,120 year-end closings compared to 927 a year prior. Its average sales price year-to-date in 2016 was

$ 227,437 compared to $209,760 in 2015. Crye-Leike's Georgia listings and sales are represented in and around Bartow, Cherokee, Clayton, Douglas, Forsyth, Fulton, Hall, and Henry counties.

MISSISSIPPI REGION Crye-Leike's Mississippi Region includes sales from its 79 sales associates in four company-owned offices, including Jackson, Miss.

Crye-Leike's year-end sales volume in Mississippi totaled $146.41 million in 2016, up 2.43 percent from $142.94 million, representing 875 year-end closings in 2016 compared to 896 closings year-to-date in 2015. Its average sales price year-to-date in 2016 was $ 167,330 compared to $159,532 in 2015

Crye-Leike's Mississippi listings and sales are represented in and around Lee, Madison and Rankin counties.

TENNESSEE - WEST TN REGION Crye-Leike's West Tennessee Region includes sales from its 861 sales associates in 17 company-owned offices, including Memphis, Tenn.; Hernando, Olive Branch and Southaven, Miss., and Marion, Ark. The company reports year-end sales volume in West Tennessee at $1.88 billion in 2016, up 14.56 percent from $1.64 billion through 2015. Year-end closings in 2016 were 9,472 over comparable year-end results of 8,668 in 2015. Its average sales price year-to-date in 2016 was $198,321 compared to $189,163 in 2015.

Crye-Leike's West Tennessee listings and sales are represented in and around Shelby, Fayette and Tipton counties in Tenn.; DeSoto County, Miss.; and Crittendon County, Ark.

TENNESSEE - MIDDLE TN REGION. Crye-Leike's Middle Tennessee Region includes sales from its 665 sales associates in 20 company-owned offices, including Nashville.

Crye-Leike's year-end sales volume in Middle Tennessee totaled $1.32 billion in 2016, up 6.3 percent from $1.24 billion through 2015, representing 5,372 in year-end closings in 2016 compared to 5,430 in 2015. Its average sales price year-to-date in 2016 was $245,367 compared to $228,368 in 2015.

Crye-Leike's Middle Tennessee listings and sales are represented in and around Davidson, Dickson, Maury, Montgomery, Rutherford, Sumner, Williamson and Wilson counties.

TENNESSEE - SOUTHEAST TN REGION Crye-Leike's Southeast Tennessee Region includes sales from its 260 sales associates located in seven company-owned offices, including Chattanooga, Tenn. and Ft. Oglethorpe, Ga.

Crye-Leike's year-end sales volume in Southeast Tennessee totaled $438.40 million in 2016, up 7.80 percent from $406.67 million through 2015, representing 2,447 in year-end closings compared to 2,482 in 2015. Its average sales price year-to-date in 2016 was $ 179,160 compared to $ 163,847 in 2015.

Crye-Leike's Southeast Tennessee listings and sales are represented in and around Bledsoe, Bradley, Hamilton, Marion, McMinn, Meigs, Monroe, Polk, Rhea and Sequatchie counties and Catoosa County, Ga.

TENNESSEE - EAST TN REGION Crye-Leike's East Tennessee Region includes sales from its 169 sales associates located in eight company-owned offices, including Knoxville.

Crye-Leike's year-end sales volume in East Tennessee totaled $268.77 million in 2016, up 30 percent from $206.65 million through 2015, representing 1,469 units in year-end closings compared to 1,207 units in 2015. Its average sales price year-to-date in 2016 was $182,959 compared to $ 171,210 in 2015.

Crye-Leike's East Tennessee listings and sales are represented in and around Knox, Loudon, McMinn, Putnam, Roane, Sevier and Washington counties.

CRYE*LEIKE FRANCHISES Brentwood-Tenn. based Crye*Leike Franchises, Inc., the real estate franchisor subsidiary of Crye-Leike, disclosed a year-end sales volume of $523.57 million in 2016, up 17.07 percent from $447.22 million through 2015, representing 3,500 year-end closings.

Crye*Leike Franchises ( www.crye-leike.com/franchises) has 287 sales associates in 29 independently owned and operated franchise offices.

ABOUT CRYE-LEIKE Crye-Leike Real Estate Services (www.crye-leike.com), a full service real estate company for 40 years, is ranked the nation's sixth largest residential real estate brokerage firm among the nation's top 500 and is the largest real estate company in Tennessee, Arkansas, Mississippi and the Mid-South. Headquartered in Memphis, Tenn., Crye-Leike has a network of over 3,200 sales associates and 126 company-owned and franchise offices located in a nine-state region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky, Florida, Oklahoma, Alabama, and Missouri.

Crye-Leike's nine regional hub offices are located in Atlanta (Ga. Region), Chattanooga (SE Tenn. Region), Huntsville (Ala. Region), Jackson (Miss. Region), Knoxville (East Tenn. Region), Little Rock (Central Region), Rogers (NW Ark. Region), Memphis (West Tenn. Region) and Nashville (Middle Tenn. Region).

Crye-Leike's franchise territories are located in Ark., Fla., Ky., Miss. and Tenn.


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For More Information

Joyce Friedman, Vice President
Crye-Leike Corporate Communications
5111 Maryland Way, Brentwood TN 37027
(615) 373-2044 Office | (615) 221-0446 Direct | Email

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