One of the ongoing debates in our market is when a property expires and is re-listed, does the listing history and days on market remain visible or does the listing that expired get a new life and a "new listing" status!? I have a feeling that I will get mixed reviews on this topic, but I will give my 2 cents anyway.
When a listing expires, it doesn't always mean that it is taken off the market. Further, the days on market, although a somewhat loaded statistic, should not change, regardless of who the listing agent is. What the market wants to know, and has a right to know, is how long a property has been on the market and what the pricing history has been. Too often, the buying public is not privy to this important information.
One reason, so I have been told, why the listing gets a "new listing" status is that the second agent/agency in doesn't want the history of the "old listing" to somehow spoil the potential for the listing to sell. If one was to think completely through this paradox one would find logic in a couple of ideas: First, taking the listing at the right price the first time, along with a sound pricing strategy as the listing matures, and you're nearly guaranteed success. Second, if you are the second agent in, the listing days on market and pricing history are your most compelling arguments in getting the proper price reduction and ultimately a contract.
I am eager to hear what the other markets do. I am on my area Board of Directors and would love to provide my market with well contrived solutions to this ever-vexing topic.