Crye-Leike employees head into an annual meeting where Harold Crye plans on speaking about the housing outlook and how his real estate company did in 2011.The upbeat tones of Elvis Presley’s “A Little Less Conversation” fade into “Walking on Sunshine” by Katrina and the Waves as real estate agents flood to their seats for the company’s annual kickoff meeting.
In spite of the cheery music, the Crye-Leike agents are subdued inside the Chattanooga Golf and Country Club. There are more empty seats than last year.
They’ve waited since 2007 for the market to hit bottom, endured promises from politicians that their problems were over, but new data shows that 2011 home sales dipped to levels not seen since 2002, according to the Greater Chattanooga Association of Realtors.
“It’s been a tough year for a lot of folks,” said Dan Griess, Chattanooga general manager for Crye-Leike. “We’ve been in one of the most challenging markets we’ve had in a long time.”
The hope of the new year bringing a brighter future to the beleaguered industry could depend on which way the wind blows next month because buyers often make the critical decisions about house-hunting based on how nice it is outside.