Business jet inventories rose 4% in May compared to a year ago, with 1,823 jets for sale, or 7.7% of the total fleet, including all models and vintages, while pricing declined 12%, according to Jefferies. 

The May 2020 figure compares to 1,791 business jets for sale in April 2020 and 1,755 in May 2019. 

Heavy jet inventories rose 13% in May to 427 aircraft for sale compared to 378 a year ago, according to Jefferies. The number of heavy jets for sale represents 6.3% of the active fleet. Medium jet inventories rose 3% from a year ago, representing 7.3% of the active fleet, while the number of light jets for sale was flat with the prior year. The number of light jets for sale represents 9.2% of the active fleet compared to 9.3% in May 2019. 

More than 60% of business jet sales are for replacement aircraft for current owners. Demand for new aircraft is stimulated by conditions in the pre-owned market, Jefferies notes, with new orders increasing as pre-owned inventory on the market decreases and residual values increase. 

Jefferies previously lowered its business jet forecast for 2020 to 391 jets, down 40% from 652 jets in 2019. The lower forecast reflects the impact of supply chain disruptions, travel restrictions and demand dilution due to the global economic slowdown triggered by the COVID-19 pandemic. 

Bombardier business jets for sale rose 26% compared to a year ago to 187 jets on the market, while pricing declined 13% to an average of $8.4 million. 

Cessna business jets for sale rose 5% year-over-year to 228 jets for sale, or 6.1% of the active fleet. Average list prices fell 5% year-over-year. 

Dassault inventory levels rose 20% year-over-year with 67 jets for sale, or 6.4% of the active fleet, compared to 5.5% a year ago, while pricing declined 12% for the same period.  

Embraer business jets for sale rose 22% in May to 90 jets, compared to a year ago, or 7.9% of the active fleet. Pricing, meanwhile, declined 15% year-over-year to an average of $9.9 million. 

Gulfstream inventories grew 35% year-over-year, with 5.5% of the fleet for sale, compared to 4.2% a year ago. In May, 109 business jets were for sale, up from 81 a year ago. Pricing contracted 13% for the same period.