“For the first time this year, some long-anticipated good news came for pre-owned business jet retail sale transactions,” JetNet said yesterday. “In the first eight months of 2011, the year-to-date average asking price increased 3.5 percent while the industry maintained double-digit growth at 11.4 percent.” While turboprop asking prices declined by 1.5 percent over the same period, transactions still climbed by 11.7 percent. Further good news is that pre-owned inventories of business jets and turboprops continue to shrink. Business jet inventory now sits at 13.8 percent of the in-service fleet, versus 14.9 percent a year ago; turboprop inventory is at 10.2 percent, down from 10.7 percent last year. Average days on the market remain at very high levels, however, noted JetNet. Business jets sit unsold for an average of 385 days, down from 413 days a year ago, and turboprops 325 days, an increase of 11 days. “While the pre-owned market continues to show improvement, all [sectors] have been slow to recover,” JetNet added, “though are much improved compared to the lows recorded over the past two years.”
“The first five months of the 2011 pre-owned market showed early-stage recovery signs,” with used business jet retail sale transactions growing by 19.7 percent over this period, according to data released by business aviation information firm JetNet. While business jet inventory fell to 14.1 percent at the end of May–down 1.2 percentage points from May 2010–average asking prices in the first five months dropped 26.7 percent, to $3.832 million, from the year-ago period, JetNet data shows. Average number of days on the market climbed by 48 days, to 390 days, year-over-year. Meanwhile, JetNet reported that business turboprop inventory settled at 10.4 percent in May, down from 10.8 percent a year earlier. Average asking prices for turboprops in the five-month period fell 4.9 percent year-over-year to $1.272 million, while average days on the market in the same time frame dropped by 19, to 304 days. As of May, JetNet said, business jet retail transactions are 6.8 percent below the peak set in February 2008, and turboprop transactions are 23.7 percent lower than the peak, which was also set in February 2008.