Glossary of Terms
LP stands for list price, the asking price for a property at a particular point in its marketing period. The price may change during the listing, so MLS records can distinguish the current list price from the original list price and final list price.
Appraisers and brokers use list price data to understand market behavior. Comparing list prices with contract and sale prices can show whether buyers are generally paying asking price, negotiating below it or competing above it. That information can support market condition analysis and help explain pricing trends.
List price is not evidence of market value on its own. It reflects a seller's expectations and the pricing strategy used to market the property. A completed sale provides stronger evidence of what a buyer actually paid, which is why comparable analysis generally relies on closed sales rather than asking prices as the primary valuation evidence.