LOS ANGELES—While pricing for trophy assets in certain markets has exceeded the levels reached in 2007, no property sector has managed that feat in terms of 12-month sales as yet. It's left to multifamily to potentially be the first; CBRE says we could see dollar volume for apartment properties edge past '07 by Dec. 31.

Citing Real Capital Analytics data, CBRE says multifamily sales volume for the first nine months of 2014 totaled $73.1 billion, while reaching $27.5 in the most recent quarter. If the current pace is maintained through the end of the year, sales volume could reach $105.2 billion, just nosing past '07's level of $105.1 billion.

RCA's most recent data suggest that the trend will continue. Sales of significant apartment properties totaled $10.1 billionin October, a 10% increase year over year, RCA says. Volume in the garden apartment sector saw an especially strong gain of 29% over October 2013 levels, while sales of mid/high-rise properties fell 31% Y-O-Y after rising 75% Y-O-Y in the third quarter.