Gauging the real estate market remains, much like the stock market, a never-ending work in progress. But with so much data now available, it’s becoming far more of a science than a guessing game.

The best way to get a handle on whether it's a buyer’s or seller’s market is by reviewing a multiple listing service for the area you are considering, experts say. The service combines the listings of available properties that are represented by brokers who are members of that service.

But there are other ways, too, for the average buyer who isn’t using a real estate professional or hasn’t found one, yet.

One of the easiest is just by driving around the neighborhood that is under consideration, says Mike Sklarz, chief economist at Cyberhomes. Don’t look at the houses, he explains. Look at what is in front of the houses, as in, “for sale” signs. A lot of signs indicates it’s a buyer’s market; fewer signs, of course, means it’s a boom time for the sellers.

It might seem obvious, Sklarz says, but it’s quite telling.

“Right away, that's a very important factor of where prices are headed in that market,” says Sklarz. “If you're monitoring that over a couple of months, that trend can be useful.”

Another way to gauge the market: Look at the percentage of homes that are owner-occupied versus those owned by investors. A higher percentage of investors owning homes typically indicates a weak market; while areas with more homes owned and occupied by the same person means the market is stronger.

Don’t forget to track how long properties are on the market, Sklarz adds. This doesn’t necessarily mean a particular house that a buyer is eyeing, but instead, take a look at the trend of houses in that area. If you can access the data, track the mean number of days on market (called DOM in real estate lingo) for properties on a monthly, quarterly and annual basis. Looking at all this information can provide a strong indicator of the market’s direction, Sklarz says.

Other factors to examine:

• Are houses selling above or below listing prices? 

• What is the inventory-remaining ratio?

To figure out the inventory-remaining ratio, divide the existing number of listings in an area by the most recent monthly sales rate, which will give you the number of months currently available ratio. In a study Sklarz did more than 20 years ago, which he says remains viable today, he described it as an excellent indicator because it combines both supply and demand in one statistical database.

Walter Molony, spokesman for the National Association of Realtors, suggests looking at other indicators in an area, such as job and population growth.

“If you see lots of both, that’s the market that's healthiest for sellers,” Molony says.

The time of year also can play a role. Spring and summer are typically hotter times for sellers because it’s when parents are looking for convenient opportunities to move in between their children’s school years. Late fall and winter are slower for the same reasons, but also because most people don't want to move during the holiday season or colder weather, adds Molony.

In the end, though, there is no better way to gauge the market than getting your hands on a multiple listing service. While a multiple listing service is no different than other real estate listing service, the national listings are typically restricted to access by real estate professionals. Some Web sites now offer access to buyers. Scour the web and see what you can find.

A Realtor can provide you with the information, and, Sklarz says, sometimes it can be found through your local Board of Realtors.

“Most of the time, you can get the current value for homes in the area you are looking for,” Sklarz says. “But it’s important to see how they compare to a typical market, a strong market and a weak market.”