Rebounding Home Sales Grow Real Estate Agency Totals

by George Waldon  on Monday, Apr. 14, 2014 12:00 am  

Resurging home sales boosted the 2013 tally for many a real estate company in Arkansas. A measuring stick of the trend is the combined dollar volume of the 10 largest firms in the state, which grew by 23.4 percent.

The dollar volume of the Arkansas operations of Crye-Leike Realtors alone grew by a whopping $291 million. That nearly 28 percent increase pushed the Memphis company’s 2013 tally in the state to more than $1.3 billion, the largest in Arkansas.

“Every market we’re in had gains in ’13,” said Harold Crye, co-founder and CEO of Crye-Leike Realtors. “Some of it was pent-up demand and recognition that the world wasn’t coming to an end.

“There also was a realization for many that interest rates wouldn’t always remain as favorable and that if their job was secure, they needed to go ahead and buy. That was the catalyst for a lot of that activity.”

Crye-Leike is the fifth-largest residential realty firm in the nation, and in addition to Arkansas, the company holds the largest market shares in Tennessee and Mississippi.

2013 was a good year for Crye-Leike in Arkansas and elsewhere with companywide sales volume reaching $5.2 billion, a $700 million increase over 2012.

However, last year’s total was well short of the regional real estate firm’s high-water mark of $6.1 billion in 2006. Companywide sales volume ebbed to $3.8 billion in 2011.

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Arkansas remained a bright spot among the company’s markets throughout the Great Recession and the halting recovery, Crye said. Business at the firm’s northwest Arkansas operations has grown despite the region’s post-2007 real estate slowdown.

Crye-Leike’s 2013 sales volume of $316 million in Benton and Washington counties ranked third behind two Fayetteville firms: Coldwell Banker Harris McHaney & Faucette ($547.1 million, No. 2 in the state) and Lindsey & Associates ($473.5 million, No. 3 in the state).

“We have to keep climbing and see if we can do better,” Crye said of the company’s No. 3 market position in northwest Arkansas.

A west Fayetteville office is in the planning stages, he said. The new location would be the company’s second office in Fayetteville and its seventh in northwest Arkansas.



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