Our December 2023 update on what’s happening in the Citation CJ3 preowned sales market;
The Citation CJ3 fleet consists of 409 aircraft in operation today. As of December 7, 2023, there were twenty-seven CJ3s available for sale (6.6% of the fleet) and that number has been on the rise since June. In June, there were seventeen CJ3s for sale (4.2% of the fleet), and each month two or three more Citation CJ3s have entered the market for sale since then. This is in line with our expectations for Q4, as it is the busiest time of year for pre-owned aircraft listing and sales activity.
In November, the market witnessed the sale of four Citation CJ3s, marking the highest monthly transaction volume since June, which also recorded four sales. Despite the uptick in transactions, there has been a noticeable decrease in the average sold price since June. Currently standing at $5.3 million, the average sold price has dipped from the previously reported $5.7 million in June. As inventory levels rise, the average sold price has experienced a decline, whereas the average asking price remains relatively steady at around $5.5 million.
The average days on market for available Citation CJ3s is presently 136 days, reflecting a decline over the past two months. September reported 179 days on market, while October saw a further reduction to 150 days. The decreasing average days on market can be attributed to the transaction of older units. Looking at the last 6 months, the average days on market for sold Citation CJ3s stands at 143 days, a figure that has remained largely consistent since our August market update.Â
Â
Q4 2023 has been a whirlwind. As year-end approaches, there are still opportunities to find the perfect business aircraft for your needs. Working with a professional aircraft broker ensures a smooth transaction and timely results, as well as access to off-market aircraft that are not publicly advertised. Contact The Jet Agent today for a consultation with our professional Sales Directors and let us put our expertise and relationships to work for you in the search for your first or next aircraft.
