Chattanooga, 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 regional hub office located in Chattanooga, Tennessee, along with sales from Crye-Leike's Franchise Division.
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 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.