Here is the latest real estate breakdown on residential home sales for Hurricane Utah during the month of February 2008. Search parameters used were: residential homes for the entire Hurricane Valley area. This information was obtained via the Washington County Board of REALTORS MLS brokerage reporting. All information is deemed reliable, however, can not be guaranteed. There were a total of 18 homes sold. Average days on the market (DOM) was 194. The average SOLD price came in at $235,475 and the average LIST price was $243,791. This is evidence that homes are taking a substantial amount of time to sell and when they do, the accepted contracts are below (the already lower) asking price. 16 homes went pending for the month of February; however 11 were listed "Back on the Market". This is a clear sign that the tighter lending conditions are truly affecting final sales. Often times, property returning "Back on the Market" are a result of the loan inability to fund. Of course there are additional reasons for deals to fall out of escrow and each transaction is unique; however, funding seems to be the front running reason. Hurricane Utah home sellers are in a precarious position. If they are expecting to "sell fast" they must be offering drastic price reductions or buyer incentives, which ultimately affects the home sellers' bottom line (or proceeds from the sale). This could potentially compromise the sellers' financial position, which may be contributing to the many Short Sales and Pre-foreclosure situations we are experiencing in both Hurricane and St. George.