What is the sale-to-list ratio?

The Sale-to-List Ratio is the ratio of the home’s final sale price (what a buyer pays for the home) divided by the last list price expressed as a percentage.
 

The ratio indicates whether homes are selling above or below the list prices.  
 

If a home has a sale-to-list ratio greater than 100%, this means that a buyer paid more than list price. While on the contrary, less than 100% means that a home sold for less than the list price.