Memphis, Tenn. - Memphis-based Crye-Leike, Realtors, the nation's 10th largest real estate company, reports another record setting quarter, disclosing brisk across-the-board sales activity due to continued low mortgage interest rates.
Crye-Leike reports $1.55 billion in sales volume during the second quarter of 2005, an increase of 23.2 percent over $ 1.26 billion this same period last year, announces company officials.
Crye-Leike's quarterly figures first hit the $1 billion mark in the third quarter of 2003. Since then, Crye-Leike's sales grew to over $1 billion in the second quarter of 2004 and broke the $1 billion mark as early as the first quarter in 2005.
Chief Executive Officer Harold E. Crye credits these surging quarterly sales records to the company's 2,900+ motivated sales force as well as to the maturing of its fourth regional market in Little Rock, Arkansas that was established in May 2002.
Crye-Leike's $1.55 billion in sales volume was generated on the sale of 9,187 properties and reflects the sales activity of its 90 branch and franchise offices, located in 47 counties throughout a six-state southern region in Tennessee, Arkansas, Florida, Kentucky, Mississippi and Georgia. Units sold during the second quarter of 2005 were up 13 percent compared to 8,158 a year prior.
The company's year-to-date sales, marking halfway through 2005, shows steady growth at
$2.57 billion, up 23 percent from $2.08 billion reported for the same period last year. These figures represent 15,649 units sold, up 13 percent from 13,834.
For the month of June 2005, Crye-Leike reports $593 million in all regions, up 24 percent from $480.3 million last year. These figures represent 3,360 units sold in June, up 13 percent at 2,968 units for the same period last year.
While low interest rates are a plus for homebuyers, they also are sparking multiple offers, which trigger a word of caution from the nation's 5th largest privately owned and independent real estate firm.
Crye-Leike President Dick Leike advises real estate buyers to avoid shortcuts and to take time to fully understand all aspects of the purchase, especially when there is more than one buyer for the same property.
"Buyers should avoid the temptation to skip appropriate inspections or documentation that would protect their interests," says Leike. "Even more important is to understand the riskier loan products that are on the market today. There are insufficient disclosures regarding the risks of some of these products, so be sure to work with a professional who can offer guidance on the kinds of loans that are better suited for your situation."
Crye-Leike's disclosure of second quarter sales figures for 2005 includes new and existing family homes, condos and duplexes as well as commercial properties within its four regional market areas: East Tenn.Region - Chattanooga; Middle Tennessee Region - Nashville; West Tennessee Region - Memphis; and Arkansas Region - Little Rock as well as within its fully operational franchises. Sales figures also represent the sales volume of both listing and selling sides of a real estate transaction, which involve a buyer and a seller.
Following is a summary of Crye-Leike's second quarter sales results within its four regional hub offices located in Memphis, Nashville and Chattanooga in Tennessee and Little Rock, Arkansas.
CRYE-LEIKE, INC. (WEST TENN. & MISSISSIPPI REGIONS - MEMPHIS, TENN.)
Crye-Leike's West Tennessee Region reports $640.5 million in second-quarter sales for 2005, up 10 percent from $580 million over the same quarter a year prior. Third-quarter unit sales totaled 3,745, up 5 percent from same comparable quarterly results a year earlier.
Crye-Leike, Inc. in Memphis reports local sales volume in June 2005 of $251 million, up 16 percent from $216 million last June, representing 1,413 closings, a 11 percent increase from last year's 1,271 closings.
Year-to-date sales volume in 2005 is $1.06 billion, up 8 percent from $ 979.7 million during the same period last year. Year-to-date closings are 6,276, a 2.4 percent increase over comparable year-to-date results last year.
Crye-Leike's second quarter report for its West Tenn. Region includes sales in Shelby, Fayette and Tipton counties in Tennessee as well as those in DeSoto, Lee, Marshall, and Tunica counties in Mississippi, and Crittenden County, Ark.
Crye-Leike's West Tennessee Region includes a sales force of over 1,200 sales associates who are located in 21 branch and four franchise offices in seven counties throughout the regions of West Tennessee, Eastern Arkansas and Mississippi.
Crye-Leike, Inc. in Memphis is ranked No. 23 among the largest private companies in Memphis, and No. 21 among the largest 100 employers in Memphis. These rankings are based on gross revenues and tabulated by the Memphis Business Journal in Memphis, Tenn.
CRYE-LEIKE OF NASHVILLE (MIDDLE TENN. REGION)
Second-quarter sales in 2005 for Crye-Leike's Middle Tennessee Region total $432 million, up 5 percent from $402.4 million over the same quarter a year prior, representing 2,368 in property sales.
Crye-Leike of Nashville, Inc. reports a local sales volume of $172 million in June 2005, a 5 percent increase from $161 million over comparable monthly results a year earlier. There are 969 real estate closings in June 2005, a 4 percent increase from 934 closings reported for the same period last year.
Year-to-date sales volume totals $708.2 million, up 8 percent from $654 million in sales over comparable year-to-date results last year. Year-to-date closings are 4,036 as reported through June 2005.
Crye-Leike of Nashville, Inc. has 22 branch offices in eight counties throughout Middle Tennessee in Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties, and a franchise in Bowling Green, Kentucky, Warren County. Sales associates in the Greater Nashville area currently total over 800.
CRYE-LEIKE OF CHATTANOOGA (E. TENN. REGION, INCLUDING JOHNSON CITY)
Crye-Leike's East Tennessee Region reports $178 million in second-quarter sales for 2005, representing a 14 percent increase from $157 million in the same period last year. Its 1,123 real estate property sales in the second quarter of this year represent a 3 percent increase over comparable quarterly results a year earlier.
The month of June 2005 shows a local sales volume of $ 63 million, up 9 percent from last June, representing 375 units closed.
Year-to-date sales volume totals $317 million, up 22 percent from $259 million over comparable year-to-date results last year. Year-to-date closings are 1,998 as reported through June 2005.
Crye-Leike of Chattanooga, Inc. has 10 branch offices and eight franchise offices in 14 counties throughout the East Tennessee Region in Bledsoe, Bradley, Greene, Hamilton, McMinn, Meigs, Putnam, Rhea, Roane, Sevier and Washington counties, including Catoosa and Whitfield counties in North Georgia. Crye-Leike sales associates within its East Tennessee Region currently total over 450.
CRYE-LEIKE OF ARKANSAS, INC. (ARKANSAS REGION: LITTLE ROCK & JONESBORO)
Crye-Leike's Arkansas Region reports $164.3 million in second-quarter sales for 2005, up 38 percent from $119 million over the same quarter a year prior. Second-quarter unit sales total 1,322, up 35 percent from same quarterly results a year prior.
The month of June this year shows a local sales volume of $58.6 million, a 27 percent increase from $46.1 million over comparable monthly results last year. There are 422 real estate closings in June 2005, an 11 percent increase from 381 closings reported for the same period last year.
Year-to-date sales volume in 2005 totals $277 million, up 42 percent from $195 million over comparable year-to-date results last year. Year-to-date closings are 2,237, a 36 percent increase from 1,648 closings as reported through June of last year.
Crye-Leike of Arkansas, Inc. has 11 branch offices and three franchise offices with a sales force of over 280 sales associates who market residential, commercial, investment property, farms and acreage sales in nine counties in Arkansas: Craighead, Crittenden, Faulkner, Garland, Independence, Mississippi, Pulaski, Saline and White. Crye-Leike of Arkansas ranks No. 2 statewide among Arkansas' top real estate firms, as ranked by Arkansas Business.
Crye*Leike Franchises, Inc. discloses the sales volume of 19 franchise offices currently in full operation during the first six months of 2005.
Second-quarter sales of Crye-Leike franchises totals $ 135 million, up 109 percent from $64.3 million during the same period last year. Second-quarter units total 629 in 2005, up 78 percent from same quarterly results a year earlier.
Year-to-date sales volume totals $213 million, up 123 percent from $96 million over comparable year-to-date results last year. These figures represent 1,102 in property sales, a 107 percent increase over comparable year-to-date results last year.
Crye*Leike Franchises (www.crye-leike.com/franchises) is the real estate franchisor subsidiary of Crye-Leike, providing comprehensive training, management, administrative and marketing support for the Crye-Leike franchise system. The division focuses its marketing efforts on establishing franchise territories in smaller populated areas where it would not normally open a company office because of market size and location.
To date, Crye*Leike Franchises has 25 franchises that have joined the Crye-Leike franchise network, comprised of independently owned and operated franchise brokers who are located in 24 counties within six territories of the United States in Arkansas, Florida, Georgia, Kentucky, Mississippi and Tennessee.
Those Crye-Leike franchise offices are located in: Tennessee -Bledsoe, Cumberland, Greene, Hardeman, Hardin, Madison, Meigs, Putnam, Rhea, Roane and Sevier counties; Arkansas - Independence and Mississippi counties; Florida - Bay, Okaloosa and Walton counties; Georgia - Whitefield County; and, Mississippi - Lowndes, Marshall, Oktibbeha and Union counties; and Kentucky - Warren and Simpson counties.
ABOUT CRYE-LEIKE. Crye-Leike (www.crye-leike.com), a full service real estate company for 28 years, is the nation's 10th largest real estate company and the largest serving Tennessee and the Mid-South. It has a network of over 2,900 sales associates and 90 branch and franchise offices located in 47 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida. Crye-Leike attained sales of $4.6 billion and 29,581 closed transaction sides corporate wide in 2004.
For real estate information on residential and commercial property listings available for sale nationwide by city or county, visit Crye-Leike's Web site at www.crye-leike.com, or call toll free 1/866- 310-3102.