JetNet: Pre-owned Bizjet Market Still Slowly Recovering
Pre-owned business aircraft inventories continued to decline in October, but asking prices–especially for jets–have yet to find a bottom, according to data released this week by industry research firm JetNet. Business jet inventory in October stood at 13.9 percent of the in-service fleet, down 1.3 percentage points from a year ago. In the first 10 months of this year, jet sales transactions increased by 10.3 percent compared to the same period last year. However, average asking prices dove 15.8 percent, to $4.488 million, in the same time frame and average days on the market swelled by nine days to 367. Meanwhile, the turboprop market appears to be gaining a better footing. Inventory of pre-owned turboprops settled in at 9.9 percent in October, down from 10.7 percent last year. Turboprop sales transactions rose by 10.2 percent in the first 10 months, compared with the same period last year, while the number of days on market decreased by 18 days to 326. Asking prices were the only negative in the turboprop segment, though they fell by only 0.9 percent, to $1.344 million, versus a year ago.