Our September 2024 update on what’s happening in the Citation CJ3 preowned sales market;
The Citation CJ3 fleet of business jets has 410 aircraft in operation today. 33 of those are currently for sale, representing 8.0% of the fleet. This is an increase of 4 CJ3s for sale since the previous month, when there were 29 CJ3s available, representing 7.1% of the fleet. To date, we have seen an increase in the amount of CJ3s hitting the market for sale every month this year.
The 33 Citation CJ3s for sale today have been on the market for an average of 144 days. This is almost unchanged from the previous two months when the average was 145 days. CJ3 buyers today can expect to see a range of asking prices from $3,695,000 to $6,495,000, depending upon the age, hours on the aircraft, engine program status and history.
There were 5 CJ3s sold in August, and 21 were sold over the last six months. Of those, 5 were sold off-market and were never advertised to the public. The publicly listed CJ3s took an average of 144 days to sell over the last six months, which is down 25 days from last month. We’ve seen increased interest in this month over the last several weeks, which is being reflected in this “days on market” datapoint. The 21 CJ3s sold over the last six months traded between $4,175,000 and approximately $6,450,000.
As listing activity has been increasing on many aircraft models over the past few months, we have also seen sold prices start to soften. The market is officially in “normalizing” mode after the increased demand caused by the pandemic. It is more important than ever to work with an expert broker who studies the market daily to ensure your aircraft doesn’t linger on the market.
