Our November 2023 update on what’s happening in the Citation CJ3 preowned sales market;
The Citation CJ3 fleet has 409 aircraft in operation today. As of the time of this publication, there are 24 Citation CJ3s available for sale, which translates to 5.9% of the fleet. This is up slightly from our last few updates which showed 4.2% of the Citation CJ3 fleet for sale in July, 4.6% in August, and 5.1% in September and aligns with the changes we are seeing in preowned aircraft markets overall.
Sales of the Citation CJ3 have been declining since May (4 sales), with 2 CJ3s sold in July, August, and September respectively, and 1 CJ3 sold in October. The average asking price for Citation CJ3s on the market today is $5.48MM, which is up slightly from last month ($5.34MM). The average sold price of Citation CJ3s that sold in the last 6 months is the lowest it has been since April 2023, with $5.83MM being the average in April and $5.29MM for our October update.
While the average days on market for sold CJ3s over the last 6 months has fluctuated slightly month to month, it is currently sitting at 149 days. The lowest we have seen this number was in our March update, which was 88 days on the market for sold units. With the recent increase in inventory of Citation CJ3s available for sale, we expect to see the time on market continue to rise. While the Citation CJ3 is still selling at a reasonable pace, we are noticing an increase in time spent on the market.
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!