Business jet inventories are stabilizing in September, according to Jefferies, holding steady even as manufacturer-level trends diverged. The firm reported 1,211 used business jets for sale, equaling 4.8% of the active fleet across all vintages. The figure was flat compared with August, down 3% year over year (YOY), and up 6% over the past six months.
For aircraft less than 7 years out of production, inventory was unchanged YOY and declined 4% month over month, equal to 3.5% of that fleet segment. Light-jet availability fell 10% from a year ago, while heavy jets rose 2% and midsize jets were flat.
Jefferies said stabilization in newer-model inventory was reflected in pricing, which was flat YOY but increased 4% sequentially. Over the trailing six months, pricing was down 6%, and over the trailing 12 months, down 7%.
By manufacturer, results varied. Bombardier units for sale declined 10% YOY to 55 aircraft, representing 3.0% of its fleet. Globals were down 13%, while Challengers and Learjets held flat. Cessna listings fell 5% to 75 units, equal to 3.4% of its fleet. The decline included three fewer CJ3+ aircraft, along with reductions in the CJ4, Citation X+, and XLS+. Five Citation Latitudes and two Longitudes were available.
Embraer had 36 aircraft for sale, flat compared with last year but 5% lower sequentially, equal to 3.6% of its fleet. Gains in Legacy 650 listings were offset by fewer Phenom 300s. Gulfstream inventories rose 5% YOY to 66 units, steady at 3.5% of its fleet. The increase was driven by the G600 and G280. There were 26 G650s available—eight standard and 18 extended range—compared with 30 a month earlier. Amstat showed 66 G700s in service as of September, up two (month over month) following entry into service in April 2024.
Dassault saw the sharpest change, with inventory up 32% to 29 aircraft, equal to 5.4% of its fleet versus 4.2% a year earlier.
On pricing, Jefferies reported mixed results by manufacturer. Cessna values rose 8% YOY and 19% sequentially, driven by a sharp increase in Citation X+ pricing, offset by declines in XLS+ and Latitude. Five Latitudes were offered at an average of $15.5 million, down from a $20 million list price, while two Longitudes were priced at $28 million.
Gulfstream pricing increased 6% YOY to $29.2 million, though down 1% month over month. Gains came from the G280 and G550. The 26 G650s for sale carried an average price of $40.3 million versus a $67 million list price, up slightly from $39.7 million a year earlier. Average vintage was unchanged at 2017, but days on market extended to 195 from 165 a year ago.
Embraer values were flat YOY at $12.6 million, with the Phenom 100 down 2% but offset by a 2% increase for the Phenom 300. Dassault prices contracted 6%, led by a 19% decline for the Falcon 2000LX, partially offset by a 5% rise for the Falcon 7X.
Bombardier pricing was down 11% to $20.8 million, with Challengers off 12%, Globals down 10%, and Learjets 17% lower. Two Global 7500s were offered at $62.5 million, compared with a $75 million list price.
Jefferies said the combination of flat month-over-month supply and modest sequential pricing gains in September points to stabilization after several months of rising inventory. Light jets drove the year-over-year supply decline, while Gulfstream and Dassault inventories expanded. Overall, inventory levels equaled 4.8% of the total fleet across all vintages, close to the one-year average of 4.9%.