The average small website sells for 2.43 times earnings, according to a new study of 250 sales transactions of online businesses during 2010-2012. Other findings of the study, conducted by Digital Exits, include:

• The average sale price was $514,725;
• The final sale price was 90% of the asking price on average;
• E-commerce and advertising websites commanded the highest multiple (2.6 times earnings); and
• The lowest multiple (1.8 times earnings) was for lead generation sites.

Digital Exits believes that, when 2013 data are included in the analysis, the average multiple will increase to 2.8 times earnings. It also believes that the newest data will show an increase in the multiple paid for very small websites (those under $200,000 in value) from 1.8 to 2.5.