Our January 2024 update on what’s happening in the Citation CJ3+ preowned sales market;
Thanks to a new delivery from the manufacturer, the Citation CJ3+ fleet has grown again! Currently at a total of 256 CJ3+s in operation today, seven of those are currently for sale, or 2.7% of the fleet. This represents half of what was available last month, when there were 14 for sale, or 5.5% of the fleet. A busy month of Citation CJ3+ sales is responsible for the decline in available CJ3+s for sale.
An important figure that we track is the time spent on market for an aircraft – both for aircraft currently available for sale as well as aircraft that have sold over the last six months. There were eight Citation CJ3+s that sold in December, which led to some adjustments in the average time on market. The current Citation CJ3+s for sale have been available on the market for sale for an average of 115 days, down 14 days from 129 days last month. As for the CJ3+s that sold over the last six months, they spent an average of 100 days on the market before selling. That figure is also down from November when the average was 116 days. These figures represent a balance of some aircraft selling that spent more time on the market, as well as some that spent less time on the market which brings both averages down.
Other important figures we follow are the range of prices for aircraft currently available for sale, as well as the range of sold prices of aircraft that have changed ownership over the last six months. If you are in the market for a pre-owned Citation CJ3+ today, you could expect to see a range of asking prices between $6,950,000 and $8,295,000. Over the last six months, 21 Citation CJ3+s were sold. Of those 21, they varied in price from $7,200,000 to $11,200,000.
Overall, the Citation CJ3+ market can be considered a seller’s market due to the low availability of preowned CJ3+ aircraft available.
In 2023, the aviation industry experienced a substantial rise in the number of aircraft listed for sale, and corresponding transactions flourished. As we embark on a new year, the significance of collaborating with an aircraft broker that specializes in your specific aircraft model cannot be overstated. It is crucial to have your interests aptly advocated for in this dynamic market.