The International Aircraft Dealers Association (IADA) has issued its Third Quarter 2024 Preowned Aircraft Market Report, highlighting a rise in optimism among members as the quarter concluded. The report was released today here in Las Vegas at the National Business Aviation Association’s 2024 Business Aviation Convention & Exhibition (NBAA-BACE).
IADA-Accredited Dealers reported that they closed 373 business aircraft deals in the third quarter of 2024, compared to 324 in the same period in 2023 and 331 in the third quarter of 2022. Year-to-date (YTD) closings at the end of the third quarter were 993 in 2024, 868 in 2023, and 929 in 2022.
The third quarter of 2024 ended with 874 YTD business aircraft transaction under contract, up 24 percent from 704 YTD and the end of third quarter in 2023. At the same time there were 965 aircraft retained to sell exclusively YTD with IADA dealers, compared to 642 at the end of the third quarter in 2023 YTD, up 50 percent.
The report reflects renewed confidence in the global preowned business aircraft market, driven by increased inventory listings, higher yet stabilizing service costs, and recognition of geopolitical uncertainties. Following a period of fluctuation, the global preowned bizjet sector appears to be settling into a "back-to-work" rhythm, with a marked rise in aircraft inventory listings.
“While the summer months may have been a bit light on sentiment toward business aircraft transactions, which is a seasonal norm, most of the dealers and brokers are reporting heightened activity over the past month,” said IADA Chair Phil Winters, Vice President of Aircraft Sales & Charter Management for Greenwich AeroGroup & Western Aircraft Inc.
“Although there are more sellers coming to market at a greater rate than buyers, the buyers are absorbing that inventory increase with slightly lower pricing than two years ago. At the end of the third quarter, we seem to be setting up for an active and healthy fourth quarter of this year,” Winters added.
“We've observed an easing in the insurance marketplace and a shift towards a buyer-driven market, contrasting with earlier trends in 2024,” said IADA Executive Director Wayne Starling. “This may signal a new phase in the current market cycle.”
The time an aircraft remains on the market has also been a point of focus for the industry. According to AMSTAT data cited in the report, the "days on market" (DOM) rate increased by 55 percent over the past 18 months. However, this trend has stabilized in the third quarter, with the DOM rate experiencing only an 8 percent increase, staying below the 10-year average.
IADA members also noted that the anticipated slowdown due to geopolitical tensions and the ongoing election cycle had less impact than expected. Combined with a recent drop in interest rates, the market is now showing promising signs of renewed activity. Hesitation among buyers due to market uncertainty appears to be diminishing, with IADA members encouraging clients to act swiftly as the fourth quarter market is expected to accelerate.
The Perspective Survey that informs the Market Report is sent out to over 1,000 IADA members, made up of IADA-Accredited Dealers and their Certified Brokers, OEMs, and IADA Verified Products and Services Members. Many IADA Accredited Dealers and their Certified Brokers are involved in both new and pre-owned aircraft sales.
IADA Products and Services Members are part of a collective network of aviation professionals and represent a breadth of members that provide comprehensive services, including transactions, operation, maintenance, insurance, and financing and leasing. Together, they offer a clear perspective on the current state of the industry as well as an informed point of view on projections for the next six months