In one line: What homes actually close at, as a share of what they asked.
The list-to-sale ratio divides a home's final sale price by its last asking price. Across a ZIP or a city it measures who holds the leverage: at 100% sellers are getting their number, meaningfully below it buyers are negotiating wins, above it homes are being bid past ask.
The subtlety is the word last. A home that cut from $450,000 to $400,000 and closed at $395,000 shows a 99% ratio against its final price and an 88% one against its original ambition; the two numbers tell different stories and the honest report says which it uses.
Kouzr computes the ratio from its own confirmed closings against the final asking price it tracked, and withholds it where too few sales exist to mean anything.
A worked example
Listed at $500,000, sold at $485,000: a ratio of 97%. A place whose median ratio is 97% is a place where offers 3% under ask are being accepted, and where a full-price offer is leaving money on the table.
Questions people ask
Where does Kouzr get sale prices?
From the Clark County Assessor's recorded sale for the parcel, matched to the listing Kouzr tracked. Not from a feed's 'pending' status. The recently sold pages show each closing against its last asking price.
Is the ratio against the original or the final asking price?
The final one, after any cuts. A home that dropped from $520,000 to $500,000 and sold at $485,000 shows 97%, not 93%. The price history on the listing page carries the cuts.