According to the July and August sales report for Queenstown, 24 sales were recorded in the resort in July and 30 in August, Mr Snow said.
However, in the first six months of 2010, Queenstown's sales were down 20% compared with the corresponding period last year. The national figure was down 30%.
Nationally, July recorded the lowest number of sales since 1992, when REINZ began keeping sales statistics.
Mr Snow said sales for July and August were augmented slightly, with the rural statistics database showing an additional two sales in July and five in August.
"Sales ... for July have been formed over the traditionally quiet off-season months of May and June, which partially explains the lower than normal number.
"The August statistics record the beginning of our winter season activity, with increased visitor numbers and additional sales going to some of these visitors.
"The monthly sales statistics are telling us that there is a degree of volatility in the marketplace, which is probably symptomatic of few parts of the economy now untouched by the recession.
"As a result, the buyers in the market are being more cautious than ... over the last two years."
While experienced agents were reporting reasonable levels of activity in fielding inquiries, showing property and working interest, all agreed considerable effort was involved in creating interest, soliciting offers and negotiating.
"There is little urgency involved for the purchasers and, as a result, the sales cycle is now long indicated by median days to sell at 77 for dwellings in July."
Purchasers were "ignoring properties" they considered to be overpriced, preferring not to engage with vendors who they considered "may not be realistic".
Offshore purchasers were continuing to buy, but at reduced numbers. Australians were making up the bulk of those buying, he said.
