Our September 2024 update on what’s happening in the Citation CJ3+ preowned sales market;
Another new delivery from the manufacturer in August 2024 brought the Citation CJ3+ fleet up to 280 aircraft in operation. Of those, there are currently 13 for sale, representing 4.6% of the fleet. This is down from last month when there were 17 available for sale, or 6.1% of the fleet. At the peak, there were as many as 19 CJ3+s for sale in August at any given point.
The 13 Citation CJ3+s that are available for sale have been on the market for an average of 117 days, unchanged from last month. If you are in the market for a CJ3+ today, you can expect to see asking prices between $7,295,000 and $10,900,000. More later serial number aircraft are available today and early serial number aircraft have been in demand. As of this writing, the earliest model CJ3+ available on market is a 2018 Citation CJ3+.
There were 3 Citation CJ3+s sold in August, up from 1 in June and 2 in July. Over the last six months there were 16 CJ3+s sold, and 3 of those were sold off-market, meaning they were never advertised. The Citation CJ3+s that were publicly listed spent an average of 125 days on the market before trading, up from last month when the average was 116 days. There was a wide variety of CJ3+s sold over the last six months, with sales prices ranging from $6,500,000 to $11,250,000.
As listing activity has been increasing on many aircraft models over the past few months, we have also seen sold prices start to soften. The market is officially in “normalizing” mode after the increased demand caused by the pandemic. It is more important than ever to work with an expert broker who studies the market daily to ensure your aircraft doesn’t linger on the market.
As a buyer representative, we find there is pent-up demand in the earlier serial number range of Citation CJ3+ aircraft that are based in the US and can be purchased for less than $7,500,000. Sellers of earlier serial number aircraft will find they can best optimize their sales price by marketing the aircraft publicly to encourage competing offers.
If you are interested in buying or selling an aircraft, or are just interested in learning more about the Citation markets, contact The Jet Agent today and let our team of experts share our knowledge with you.
