Farms sales are down 24 percent compared to a year ago, but for the past four months sales have remained flat.
125 fewer farms were sold for the three months ended January 2018 than for the three months ended January 2017.
However, the real estate institute's rural spokesperson Brian Peacocke said sales figures have been steady from October to January.
He said supply and demand for farms was more in balance.
"Sales figures for the three-month period ending January 2018 are reasonably consistent compared to the previous three-month period, albeit significantly lower than the equivalent periods in 2016 and 2017."
Eleven of 14 regions sold fewer farms than a year ago, Otago had 26 fewer sales, followed by Northland at 25 fewer.