Memphis, Tenn. - The weather may be cooling, but real estate sales are not for the nation's 10th largest real estate company. Tennessee-based Crye-Leike set another record-breaking quarter at $1.4 billion in sales, an increase of 25 percent over $1.1 billion this same period last year as disclosed in its third quarter sales report, announced company officials.
This volume was generated on the sale of 8,408 properties handled by Crye-Leike's 2,850 sales associates and reflects the sales activity of its 79 branch and franchise offices, located in 41 counties throughout a six-state southern region in Tennessee, Arkansas, Florida, Kentucky, Mississippi and Georgia.
The company's year-to-date sales volume grew to $3.6 billion, up 29 percent from
$2.8 billion through September 2003. Year-to-date closings were 22,828, up 22.2 percent from the 18,701 closings reported through September 2003.
Crye-Leike, which is celebrating its 27th year in business, reports that all of its market regions performed the highest quarterly and monthly sales records in the history of the company.
"Crye-Leike's sales activity is considerably above last year's record, in part due to our expanded market presence in Arkansas and the public's desire to do business with a real estate firm that provides a one-stop shopping experience, including offering mortgage, insurance and title and escrow services," said Chief Executive Officer Harold E. Crye. "Our company's exceptionally strong sales performance, coupled with a favorable economy and affordability conditions, means Crye-Leike's sales record expected by year-end will be greater than originally projected."
"Continued low interest rates and a stronger job market are fueling the economy, and that's a plus for buyers of real estate," said President Dick Leike. " These factors, along with our motivated sales force, also paved the way for these strong results."
Crye-Leike's disclosed third 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: West Tennessee Region - Memphis; Middle Tennessee Region - Nashville; East Tenn. Region - Chattanooga; 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 third quarter sales results within Crye-Leike's four regional market areas.
CRYE-LEIKE INC. (WEST TENN. & MISSISSIPI REGIONS - Memphis, Tenn.)
Crye-Leike reports local sales volume in the Greater Memphis market area to be $642.4 million in the third quarter this year, up 17 percent from $547.7 million last year. Third-quarter unit sales totaled 3,584, up
3 percent from same-quarter results a year earlier.
Year-to-date sales volume for Crye-Leike in the Greater Memphis area was $1.6 billion, up
17 percent from $1.4 billion through September 2003. Year-to-date closings were 9,709, which is a 9 percent increase from the 8,911 closings reported through September 2003.
Crye-Leike's third quarter report for its West Tenn. Region includes sales in Shelby, Fayette and Tipton counties in Tennessee as well as those in DeSoto and Lee counties in Mississippi and Crittenden County, Ark.
Memphis-based Crye-Leike has 21 branch offices in four counties throughout its West Tennessee Region. Those counties include Shelby County in Tennessee; and, DeSoto and Lee counties in Mississippi., including Crittenden County in Arkansas. Crye-Leike sales associates within its West Tennessee Region currently total over 1,200.
Crye-Leike, Inc. 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 employers 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 - Nashville, Tenn.)
In the Nashville metro area, Crye-Leike's third-quarter sales totaled $399.8 million, representing a 17 percent increase from $342.2 million reported for the same period last year. Its 2,329 real estate property sales in the third quarter this year was up 5 percent over the same quarter a year prior.
Year-to-date sales volume for Crye-Leike of Nashville was $1.1 billion, up 24 percent from
$848.4 million through 2003. These figures represent 6,557 in property sales, a 16 percent increase over comparable year-to-date results last year.
Crye-Leike of Nashville, Inc. has 19 branch offices in eight counties throughout Middle Tennessee in Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties.. Crye-Leike sales associates within its Middle Tenn. Region currently total over 800.
CRYE-LEIKE OF CHATTANOOGA (EAST TENN. REGION, including Johnson City & N. Ga.)
Crye-Leike of Chattanooga disclosed its regional sales volume in Chattanooga to be $162.8 million in the third quarter of this year, up 11 percent, and property sales totaled 1,103, up 5 percent from sale-quarter results a year earlier. Year-to-date sales volume totaled $430.8 million, up 12 percent, and property sales totaled 3,014, a 5 percent increase from the sales reported through 2003.
Crye-Leike of Chattanooga, Inc. has nine branch offices in five counties throughout its East Tennessee Region in Bradley, Hamilton, McMinn and Washington counties, including Catoosa County in North Georgia. Crye-Leike sales associates within its East Tennessee Region currently total over 350.
CRYE-LEIKE OF ARKANSAS (LITTLE ROCK REGION - Little Rock & Jonesboro, Ark.)
Crye-Leike of Arkansas Inc. disclosed a record 2004 sales volume in the third quarter at $117.2 million, up 69 percent from $69.3 million last year. Third-quarter unit sales totaled 1,008, up 81 percent from same-quarter results a year earlier. Year-to-date sales volume totaled $312.4 million, representing 2,656 units sold, a 112 percent increase from sales reported through 2003.
Crye-Leike of Arkansas, Inc. has 10 branch offices in five counties throughout its Arkansas Region in Craighead, Faulkner, Garland, Pulaski and Saline counties. Crye-Leike sales associates within its Arkansas Region currently total over 250. Crye-Leike is ranked No. 4 statewide among Arkansas' top real estate firms, as ranked by Arkansas Business.
CRYE-LEIKE FRANCHISES, INC. (TENN., ARK., MISS., KY. AND FLA.)
Crye*Leike Franchises, Inc. disclosed 2004 sales volume in the third quarter at $64.6 million. Third-quarter unit sales totaled 384. Year-to-date sales volume totaled $160.3 million, representing 914 units sold.
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.
Crye*Leike Franchises is currently comprised of 20 independently owned and operated franchise brokers who are located in 19 counties within five territories of the United States in Tennessee, Arkansas, Mississippi, Kentucky and Florida. Those Crye-Leike franchise offices are located in: Tennessee - Bledsoe, Greene, Grundy, Hardin, Madison, Meigs, Putnam, Rhea, Roane and Sevier counties; Arkansas - Independence and Mississippi counties; Mississippi - Lowndes, Marshall, Oktibbeha and Union counties; Kentucky - Warren County; and, Florida - Okaloosa and Walton counties.
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 the Southern Region of the United States. It has a network of over 2,850 sales associates and 79 branch and franchise offices located in 41 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida. As a privately-held company, Crye-Leike attained sales of $3.17 billion and 22,198 closed transaction sides corporate wide in 2003. Crye-Leike is ranked No. 80 among the Top 100 Private Companies in Tennessee, based on its most recent year's revenue
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.
Crye-Leike, Realtors Discloses Record Breaking Third Quarter Sales
October 18, 2004