The listing status color is only to add a highlight, or background, to the listing status.
The listing status appears on the property website and can be anything you like. By default, property websites are assumed to be "Active". However, if you'd like to explicitly define the active status, you may select Other from the drop-down options and type in the word "Active".
You can type whatever you like as the listing status if you select Other from the drop-down list. Some examples include:
For Lease
Call for Pricing (while leaving the listing price field blank)
And many more...