The Wakatipu recorded a total value of $34 million worth of residential real estate sales during October, slightly down on September, Central Otago Lakes District Real Estate Institute president Richard Newman said in his monthly report.
The value of sales was dramatically less than the $54.2 million worth of sales recorded for October last year, a 37.4 percent decrease, Mr Newman said.
However, figures for October last year included the sale of 38 Sofitel Queenstown apartments worth a total $20 million.
The median sale price for October this year was slightly down, $11,000 on September, but remained exactly the same as October last year at $509,000.
A total of 69 sales were recorded for the month, the same as September this year, but down on the 99 sales for October last year, which included the 38 Sofitel apartments.
The median days to sell a dwelling in the Wakatipu was 31, down from September at 67 days and down from this time last year at 61 days.
Real estate agents were reporting steady trading with good buyer inquiry, particularly in the $400,000 to $550,000 price bracket.
The Central Otago Lakes District again recorded recorded the highest median sale price in NZ of $430,000 down from $441,000 in September but up from $417,000 in October 2005, Mr Newman said.
The second highest median sale price was in Auckland at $415,000.
The district recorded a total $72 million worth of sales, down from $77 million in September and well down from $83.7 million in October last year, again thought to be skewed by the Sofitel apartment sales in Queenstown.
The number of sales in the district totalled 193, slightly down on September, when 200 were recorded, on the 200 recorded for October last year.
Mr Newman said the median days to sell a dwelling for October in the district was down from 69 days in September to 51 days, exactly the same as October last year.
The median days to sell a section currently sits at 82 days, slightly down from 89 days in September, but up from 40 days at this time last year.
The Central Otago market was busy with plenty of buyers, particularly at the lower end of the market, Mr Newman said.
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