"We specialize in more private, individual transactions for properties under 100 units," says Petersen adding, "Right now (that market) is pretty tight. Some people thought it would slow down, but there's a limited supply of inventory, and that's causing prices to remain healthy. In the private-to-private market it's still pretty much a seller's market."

Petersen contrasts sales of the smaller properties with larger complexes. "Looking at the 100-plus market, it's softened up some. Mostly the buyers are institutional, and some of them have been tightening their belts a bit."

While Paragon brokers multifamily properties throughout Puget Sound (more than $1 billion since its inception), Petersen says the majority of this year's transactions have been Seattle in-city. Checking recent sales of such properties, Petersen says square-foot prices have been falling within the range of $150 to $200, depending upon location and quality. As to square foot prices, Petersen says this year's compare favorably, if not slightly higher, than last.