Consistency in sales records in March was being viewed optimistically by real estate agents and was expected to be one of the key indicators of an "improving market," Real Estate Institute of New Zealand Queenstown spokesman Adrian Snow said.
Inquiries from buyers had been relatively strong and consistent over the past two months, indicating good numbers of active buyers in the market. However, they were acting "very prudently" and taking a relatively long time to research the market and make their buying decisions, he said.
"As a result, buyers are typically choosing not to interact with vendors whom they perceive to have overpriced properties and negotiations are often longer than would otherwise be expected.
"As shown in this month's sales records, good numbers of properties are changing hands, indicating a relatively healthy market, although a relatively slow travelling one."
Forty-one residential dwellings sold in March, 8% up on February (38) and 2% up on the 40 recorded in March 2010.
Five apartments sold in March, the same number as in February and two down on March 2010.
Mr Snow said apartment sales appeared to be "transacting consistently" around that number for the past two years.
There were 11 residential section sales recorded in March, consistent with the past seven months' activity, with sale numbers ranging between 11 and 15 since September 2010, excluding the "very poor month of January".
Nine of the 11 sections sold were from the recent bulk Jacks Point auctions, which left a "relatively poor number from the balance of Queenstown".
The value of sales was 14% down on February but 10% up on March 2010, with the median dwelling price down 10% from February, but showing no significant change when compared to March 2010.
The median days to sell had decreased 16% from 64 days for February to 54 days for March, which was also a decrease of 4% compared to March 2010.
"This indicates an increase in the speed at which buyers are meeting sellers, being either buyers being prepared to purchase sooner or vendors becoming more realistic with prices, or a combination of both."
"Eighty-three percent of the recorded dwelling sales were below $700,000, which indicates a definite bias in the market to the lower value properties," Mr Snow said.
