Hard hit by the economic downturn, Memphis is one of those places with just enough resilience to pull through no matter what. As evidence of this Tennessee’s biggest real estate player, Crye-Leike, has announced their best sales year in some time. Who says there’s no money in real estate these days?
A story in Memphis’ Commercial Appeal Monday revealed a Crye-Leike better than $700 million in sales ahead of where they were in 2011. Last year Crye-Leike agents sold some 28,065 units across several states to the tune of about $4.5 billion. So, co-founders Harold Crye and Dick Leike showing up at a gala at the Holiday Inn-University of Memphis ballroom (image above) was no hollow celebration. Sales awards flew, as did spirits, and the firm’s spokespersons told us Crye-Leike Memphis Realtors sold $1.2 billion in 2012 selling 7,681 units (properties) which marked a 22% increase in both volume and units over 2011 figures.
RealtyBiz Managing Partner Al Twitty spoke with Stan Holmes, Manager at the Collierville Crye-Leike office about the prospects for Memphis in 2013. Holmes offered the following more good news and the following statistics.
- The market has sustained a 19% increase in sales – With Crye Leike sales up 22%
- 40% of sales in Memphis are from Crye Leike, a major increase
- 18 of the 33 zip codes in Memphis show an average sales increase
- Bank Sales were down in 2012 at 22% of the volume
Holmes went on to suggest; “With interest rates low and consumers more confident in the Memphis market, now is definitely the best time to buy.” With the Fed doing all it can to keep interest rates down, certainly the trend is with Holmes and Crye-Leike where telling people to buy is concerned. Most experts believe markets all over have fairly well bottomed out.
A press release from Crye-Leike yesterday also mentions 2012’s price recovery as a huge profitability win for not only Crye-Leike, but the industry in Tennessee in general, this on top of the news from the National Association of Realtors that 2012 was a record year for housing affordability. Obviously, the combination of dedicated agents, price recoveries and just the right mix of value for home buyers made 2012 a real bright news bit, and a sorely needed one. And, it’s nice to see leaders lead.