Thirty sales of residential dwellings were recorded last month, 25% down on the 40 recorded in December, but a 15% increase when compared with the 26 sold in January 2010.
Mr Snow said the increase in activity reported by agents in December "did not flow through as sales in January as was expected".
"It is not clear why there was less than expected sales, given the amount of buyer activity in December," he said.
"One of the trends in today's market is there is a lesser proportion of buying from overseas purchasers, and that buying patterns are being set by local buying activity."
However, Mr Snow said January was a shortened trading month due to the Christmas holiday period, which would be "part" of the explanation.
Apartment sales were also lower than expected, with just two for January.
Section sales were "surprisingly low" at only four for the month, where previously about 12 a month had been recorded.
Mr Snow said the value of residential sales last month was down 39% when compared with December 2010 - $18,909,889 compared with $30,845,500 - but up by 7% when compared with the $17,706,000 recorded in January 2010.
Median dwelling prices continued their "normal fluctuations", 13% up on December 2010 but 13% down on January 2010.
"On an annual basis, Queenstown recorded a total of 557 sales for the 12 months ending December 2010, being 18% down on 677 sales for the 12 months ending December 2009, but with only a slight 3.5% increase on 538 sales for the 12 months ending December 2008.
"Looking forward, it is still not clear how the residential real-estate market will perform over 2011," Mr Snow said.
