Unless you're asking because you're writing a dissertation on the economics of real estate, the answer to your question really won't help you in either pricing your home for sale or making an offer on a home to purchase.
I come at this more from an investor perspective, but when you're buying a home, forget the list price. Don't even look at it. It doesn't matter. What matters is how much the home is worth--and that might be more than or less than the listing price.
But, I can hear you say, "Shouldn't the listing price be close to what it's worth?" Yes, but the operative word is "should." It often isn't.
And I can hear you say, "But I've been told that you should offer x% under the listing price. I'm just trying to figure out what that is in Wright County." Sorry, but you've been told wrong. You can end up overpaying or underpaying by basing your offer on the listing price.
Besides: Let me give you an example:
Suppose a house goes on the market at $300,000. It doesn't sell. The owners reduce the price to $285,000. It still doesn't sell. They reduce the price to $270,000. They get an offer, negotiate back and forth, and finally sell for $265,000 with a 3% seller subsidy.
Now, if you looked at the raw numbers, you'd see that the house had been listed for $270,000 and sold for $265,000. So you'd assume it sold for 98% of the list price. Not bad, huh?
Problem is: It really, actually sold for $257,000. And so it really sold for 95% of the $270,000 listing price.
But . . . that wasn't the original list price. Remember: The original price was $300,000. So, really, the house sold for 85% of the original listing price. And what that means is that if you'd seen the house when it was first listed for $300,000--and someone told you that houses in your area sell for 98% of the list price--you'd have made an offer at $294,000--98% of $300,000. And thus you'd have overpaid by $37,000.
So it's really risky to make any offer based on a listing price. You need a Realtor to run a CMA to tell you how much the home is really worth.
Same for selling your home. What you want to do is to make it very competitive with the other comps. And that means looking at what other similar homes have actually sold for.
Hope that helps.
If you're asking as a seller, make sure you price your home carefully depending on your desires.
If you're asking as a buyer, make sure you know what prices the type of home you want in the area you seek are selling for. That will not only be the criteria by which YOU should make a decision, but the same criteria will be applied to the appraiser's decision as well.
See the attached link for accurate and up to date info on your question specifically, but keep in mind that List:Sales ratio can be a misleading statistic as some list prices reflect a fair market value but others may be well above...and some below of course. When making or considering an offer, it's best to use an updated market analysis on the property specifically as a starting point, as opposed to a ceratin percentage above or below list.
Instead concentrate on the market value of the particular property. If a house is overpriced you still lose if you use these ratios. If underpriced, someone else will get the house, not you.
Basic negotiating 101. Be able to justify your offer.