Memphis, Tenn. - Crye-Leike, the nation's 10th largest real estate company, reports robust across-the-board sales activity due to continued low mortgage rates and an upsurge in consumer confidence as disclosed in its second quarter sales report.

Memphis-based Crye-Leike, Realtors, which is celebrating its 27th year in business, reports that all of its market regions performed the highest monthly sales record in the history of the company.

Crye-Leike has four regional hub offices located in Memphis, Nashville and Chattanooga in Tennessee and Little Rock, Arkansas.

Crye-Leike sales volume in the second quarter of 2004 was up 36.5 percent over the same quarter a year prior. Sales for the second quarter totaled $1.33 billion, up from $970.98 million in the same quarter last year. Units sold totaled 8,543, up 31.2 percent compared to 6,514 a year prior.

The company's year-to-date sales, marking halfway through 2004, showed strong growth at $2.19 billion, up 31.8 percent from $1.66 billion reported for the same period last year. These figures represent 14,419 units sold, up 26 percent from 11,406.

For the month of June, Crye-Leike reports all regions had sales of $506.2 million, up 40 percent from $361.2 million last year. These figures represent 3,111 units sold in June, up 32 percent at 2,349 units for the same period last year.

Beyond favorable market conditions, Chief Executive Officer Harold E. Crye credits attention to detail of the day-to-day business operations and coaching of managers with making a big difference in bringing the company's branch offices and divisions to high productivity.

Crye further credits the company's relocation division for contributing to the company's overall growth in sales. Among other contributing factors attributing to its growth, Crye-Leike Relocation Services has been privileged to assist the employees of Louisiana Pacific, Corp. in their move to the Nashville, Tenn. area, he said. LP, Corp. announced their intention to relocate its corporate headquarters to Middle Tennessee in October 2003.

"Additionally, our sales associates' productivity gets a boost from our company's in-house technology support," said President Dick Leike. "All listings generated by our Crye-Leike sales associates are posted on our Web site which generates over 20 million hits a month and over 207,000 visitors a day. Our company's Intranet site, coupled with our leading edge technology, makes it very easy and efficient to maintain communication between our customers and our highly mobile sales associates. We realize that our customers want instant access for answers from our real estate professionals when it comes to their real estate needs. And, the one-stop shopping option of our in-house title services, insurance services and company wide relationship with 1st Trust Bank for Savings for mortgage lending helps our associates and their customers get to closing more efficiently."

Crye-Leike's disclosed second quarter sales figures for 2004 include 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. 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 second quarter sales results within Crye-Leike's four regional market areas.

 

CRYE-LEIKE, INC. (WEST TENN. & MISSISSIPPI REGIONS - MEMPHIS, TENN.) Crye-Leike, Inc. in Memphis reported its local sales volume in June was a monthly sales record of $228 million, up 19 percent from last June, which represents 1,316 closings, a 12 percent increase from last year. Second-quarter sales of $612.6 million within Crye-Leike's West Tennessee Region represents a 27 percent increase from $484 million last year. Its 3,690 real estate property sales in the second quarter this year represent a 19 percent increase over comparable quarterly results last year. Year-to-date sales volume for Crye-Leike Inc. (Memphis) was $1.03 billion, up 24 percent from $833 million halfway through 2003. These figures represent 6,345 in property sales, a 17 percent increase over comparable year-to-date results last year.

Crye-Leike's second quarter report for the West Tenn. Region includes sales in Shelby, Fayette and Tipton counties in Tennessee as well as those in DeSoto, Marshall, Tunica and Lee counties in Mississippi, and Crittenden County, Ark.

Crye-Leike's West Tennessee Region has a sales force of over 1,200 sales associates located in nineteen (19) branch and four (4) franchise offices in eight (8) counties throughout the regions of West Tennessee, Eastern Arkansas and Mississippi.

Crye-Leike, Inc. in Memphis is ranked No. 28 among the largest private companies in Memphis, and No. 23 among Memphis' fastest growing private companies. Additionally, it was ranked No. 21 among the largest 100 employees in Memphis. These rankings were based on gross revenues and tabulated by the Memphis Business Journal in Memphis, Tenn.

 

CRYE-LEIKE OF NASHVILLE (MIDDLE TENN. REGION) Crye-Leike of Nashville, Inc. performed its highest monthly sales record since its Middle Tennessee Region was established 11 years ago. The month of June this year showed a record local sales volume of $173 million, a 72 percent increase from $101.3 million over comparable monthly results last year. There were 1,018 real estate closings in June, a 52 percent increase from 671 closings reported for the same period last year.

Second quarter sales for Crye-Leike's Middle Tennessee Region totaled $430 million, up a significant 44 percent from same-quarter results a year earlier, representing 2,724 in property sales.

Year-to-date sales volume totaled $693 million, up 37 percent from sales reported halfway through 2003. Year-to-date closings were 4,501, a 31 percent increase from 3,443 closing reported through June 2003.

Crye-Leike of Nashville, Inc. has 18 branch offices and one franchise office in nine counties throughout Middle Tennessee in Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties, including Warren County in Kentucky. Sales associates in the Greater Nashville area currently total over 900.

 

CRYE-LEIKE OF CHATTANOOGA (E. TENN. REGION, INCLUDING JOHNSON CITY) Within Crye-Leike's EastTennessee Region, sales volume in the second quarter totaled $163.3 million, up 17 percent, and property sales totaled 1,145, up 13.4 percent from same-quarter results a year earlier.

Year-to-date sales volume totaled $269 million, up 14 percent, and property sales totaled 1,922, a

5 percent increase from the sales reported halfway through 2003.

The month of June showed a local sales volume of $59 million, up 24.4 percent from last June, representing 395 units closed, a 22 percent increase from last year.

Crye-Leike of Chattanooga, Inc. has nine branch offices and nine franchise offices in 14 counties throughout the East Tennessee Region in Bradley, Cumberland, Greene, Grundy, Hamblen, Hamilton, McMinn, Meigs, Putnam, Rhea, Roane, Sevier and Washington counties, including Catoosa County in North Georgia. Crye-Leike sales associates within its East Tennessee Region currently total over 380.

 

CRYE-LEIKE OF ARKANSAS, INC. (ARKANSAS REGION: LITTLE ROCK & JONESBORO) Crye-Leike continues to gain a stronghold within Arkansas after establishing a regional hub office just two years ago. Crye-Leike reports regional sales volume in Arkansas to be $118.9 million in the second quarter of this year, up 148 percent, and property sales totaled 985, up 129 percent from same-quarter results a year earlier.

Year-to-date sales volume totaled $195.4 million, up 129 percent from $85.4 million through June 2003. Year-to-date closings were 1,652, a 137 percent increase from 696 closings reported through June 2003.

The month of June this year showed a local sales volume of $46.2 million, a 121 percent increase from $21 million over comparable monthly results last year. There were 382 real estate closings in June, a 118 percent increase from 175 closings reported for the same period last year.

Crye-Leike of Arkansas, Inc. is ranked No. 4 statewide among Arkansas' top real estate firms, as ranked by Arkansas Business. It has 10 branch offices and two franchise offices with a sales force of over 200 sales associates who market residential, commercial, investment property, farms and acreage sales in eight (8) counties in Arkansas: Craighead, Crittenden, Faulkner, Garland, Independence, Mississippi, Pulaski and Saline.

ABOUT CRYE-LEIKE. Crye-Leike (www.crye-leike.com), a full service real estate company for 27 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 2,800 sales associates and 74 branch and franchise offices located in 40 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida. Crye-Leike attained sales of $3.66 billion and 24,953 closed transaction sides corporate wide in 2003.

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.