Usually, the most recent list price.

In my presentation I like to separate the data.

My goal is to show the initial listed price to demonstrate that the seller first impulse is to overprice by x%.(my data shows 30%) (and as if magical, it IS the number they had in mind)

I then show the list price prior to offer and calculate the discount.

All this serves to advise the seller that exceeding the value bracket will result in absolute silence from the market and ends with "What's wrong with this house, it been on the market 85 days?"

I price them right from the beginning, however when determining the price I do go through the history of the pricing on all of the comps with my sellers.

SP/LP should be the most recent sale price.

I would use the last sale price.

It should be with the final list price, John.

Kathleen  nailed this one!

Sale to last list price, and I don't think it's a valuable consumer metric. However I use sale to original  list price during listing presentations to show sellers the mistake in overpricing.

SOLD vs last listing price.  In our area rarely sellers drop price.

I like to show them both prices. Sometimes if the price has already been reduced sellers may not be willing to reduce much.