You can control the status of a sale listing based on the status of the associated project.
When a listing is converted to a project, the listing will automatically go to “In-Contract”.
When an active project associated with an In-Contract listing goes to dead, the listing is automatically put back to “On-Market”.
When an active project associated with an In-Contract listing goes to closed deal, the listing is automatically set to “Closed”.
The status mapping is customizable and available for a System Admin to customize via custom settings. From Setup > Custom Code > Custom Settings, click next to Project Listing Status Mapping.
Click edit next to Closed and map to the list status of Closed. Click Save.
Repeat for each status so they match the table below.