Pre-owned Markets Looking Up

 - August 29, 2011, 5:15 AM

Pre-owned business jet and turboprop markets showed early signs of improvement in the first half of this year, which is expected to be a second year of correction leading to sustained growth in 2012, according to market information provider JetNet. The company reported 15.3-percent growth in pre-owned business jet retail sale transactions through June, compared with the same period last year. Business turboprops showed an increase of 3.7 percent. Average asking price was $4.1 million for business jets through June, down 18.6 percent from the year before. The asking price for turbine helicopters declined 10.5 percent and business turboprops 3.8 percent. The inventory of business jets for sale dropped below 2,500 (to 2,493) for the first time since November 2008, and as a percentage of the fleet to 13.8 percent. “This is a positive sign, as the inventory for sale is dropping,” JetNet said. “Ever so slowly, but [the inventory] is dropping.”