Our November 2023 update on what’s happening in the Citation Encore preowned sales market;
Of the 159 Citation Encores in operation today, 8 are for sale at the time of this publication (5% of the fleet). We witnessed an increase from May to July in Encores entering the market for sale, with a decline and leveling off period since then.
This summer we saw listing activity grow in the Citation Encore market, and sales followed. Leading up to May 2023, sales were mostly dormant, with 1 being sold every other month or so. 1 Encore sold in June, then July and August each had 3 sales, 2 in September, and no sales in October. This follows the listing activity trend we saw this summer as well. The average asking price of Citation Encores on the market today is $3.4MM, and the average sold price over the last 6 months is $3.48MM.
Since August, we have seen the average days on market for current listings of Citation Encores drop from 129 days to 110 days in October. The average days on market for Encores sold in the last 6 months on the other hand rose from 71 days in August to 86 days in October. As more Encores entered the market for sale over the summer, this dropped the average current days on market, and inversely as the inventory turned over due to sales, the average days on market for sold units rose. Based on recent sales activity we would expect to see the current days on market start to rise again.
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!