Our November 2023 update on what’s happening in the Citation CJ3+ preowned sales market;
Due to new deliveries from the manufacturer, the Citation CJ3+ fleet is now at 255 aircraft. There are currently 16 available for sale (6.3% of the Citation CJ3+ fleet), which is up slightly from September 2023 which had 14 available for sale, or 5.6% of the CJ3+ fleet.
Along with the increase in listing activity, we have also seen an upward trend in sales of pre-owned Citation CJ3+s since May 2023. There was 1 CJ3+ that sold in June, there were 2 sold in July, August, and September respectively, and 3 Citation CJ3+s sold in October. As the available inventory increases, we have noticed that the sales of Citation CJ3+s are increasing, signaling that attractive options are entering the market for sale.
The average asking price of Citation CJ3+s on the market today is $8.6MM, and the average sold price of CJ3+s over the last 6 months rose to $9.3MM. The average sold price is up roughly $560K since September 2023. This is not reflective of price gains in this market but rather the data being skewed due various factors including a 2014 model which sold at the bottom of the value bracket and newer, higher priced units selling more recently.
The average days on market for Citation CJ3+s currently for sale has been mostly unchanged for the last few months and is currently sitting at 119 days. The average days on market for sold units is at a 5-month low, down to 128 days from 167 days in June. This shows that as new options enter the market for sale, they are selling quicker than aging units which may have less desirable options or features.
During Q4, it is more important than ever to be working with an experienced and professional aircraft broker. Pre-buy inspection slots are hard to find, and the available slots are filling quickly. Working with a broker who has relationships within the industry helps keep your transaction moving forward and closing in a timely manner. Contact The Jet Agent today and let us help you with your first or next aircraft transaction.