Our January 2024 update on what’s happening in the Citation CJ3 preowned sales market;
There are currently 409 Citation CJ3s in operation today. As of January 8, 2024, there were 24 CJ3s for sale, which is 6.1% of the fleet. This is down just slightly from November when there were 27 CJ3s, or 6.6% of the fleet, for sale.
One of the metrics we follow is the average time on market, both for aircraft currently listed for sale as well as aircraft sold over the last six months. Of the Citation CJ3s currently for sale, they have been on the market for an average of 156 days. This is up 20 days from last month when the average was 136 days. This happens as more desirable aircraft typically spend less time on the market, and other units continue to age on the market before selling. This is reflected also by the average time on market for recently sold aircraft. Last month, the average time spent on the market for a Citation CJ3 sold over the last 6 months was 143 days, and currently that average dropped to 136 days.
The other metric we follow is the range of prices for aircraft currently for sale, as well as the range of sold values of aircraft that have changed ownership over the last six months. If you are looking to purchase a Citation CJ3 today, you could expect to see asking prices between $4,395,000 and $6,750,000. In December, nine CJ3s sold, and over the last six months, twenty CJ3s sold. Of those twenty, they sold at prices that ranged from $4,800,000 to $6,100,000.
Overall, the Citation CJ3 market is still a balanced one for both buyers and sellers.
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.