From Loopnet.com

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them.

The highs in the cycle tend to occur around June and the lows come around December. Over the past year sale prices have risen 1.6% to $132,006 per unit. But for the preceding 12 months, sale prices are up by 1.6%.

The highest median sale price over the past three years was $142,344, which was set in October 2009. In comparison, the median sale price is now 7.3% lower. However, the current price is 1.6% higher than the three-year-low of $129,905, which was set in March 2011.

This month marks the fifth straight month of declining median sale price for the metro multifamily properties. When the streak began in November 2011, the median sale price was $136,582 per unit.

(Their graph doesn’t exactly line up with their quote of ‘highs in June, lows in December’. Another example where recent activity is bucking the historical norms or common perceptions. Interesting also that prices are dropping when rents are going up, allegedly.)