Gauging Market

[Brian Wheeler]

Hello, I have done my research on the different factors that determine where a particular market is potentially headed (ie. If there is a new company moving into town, interest rates, gentrification, population increase or decrease etc.) But I am not sure exactly how to judge if a particular market is up or down. I have read that a very rough rule of thumb is to look on the MLS for all of the "For Sale" properties and see how long they have been on the market. Other than that I have not been able to find a clear concrete method from someone who is experienced. Does anyone have any tips or suggestions?

Thank you,