Property sales in Queenstown for January were the lowest in 10 years, figures show.
The Real Estate Institute's Queenstown spokesman Adrian Snow said last month had abnormally low inquiry levels and significantly low sales.
"For real estate agents, it seemed like a very long holiday period.
January 2010 recorded 26 residential dwelling sales, which represents a significant low, with the last month that a lower figure was recorded being December 2000," he said.
However, Queenstown figures were better than the national sales figures, which hit a 20-year low.
Mr Snow said the Queenstown market changed in December from a relatively buoyant period to very low buying activity.
"The Christmas holiday period usually reduces December to about two weeks of normal real estate activity, but it appears that even this may not have been achieved this year," he said.
However, new properties had come on in January and these would add stimulus.
It was still a buyers' market.
Any property priced at what buyers regarded as "above the market" was not selling.
Twenty-six houses sold in January, down from December's 42 sales and and 43 in January 2009.
Apartment sales remained "sluggish", with only two sales last month.
Seven sold in December and six in January 2009.
Section sales had been relatively stable.
Eight sold in January, and 11 in December and 11 in January 2009.
Median prices were also relatively stable.
In January the median house price was $531,250, compared to $481,000 in December and $560,000 in January last year.
