Over the past year, M700 FURY inventory levels have been on the rise, up 12 aircraft from a year ago. As Piper continues to crank these aircraft through production, these numbers will begin to normalize. Prices have seen just a slight pullback to 2% less than that of a year ago. FURYs are selling at a slower pace than this time last year. The days on market have increased 53% from this time last year. Again, as these aircraft continue to enter service, this number will normalize, which we are already beginning to see. There have been 39 retail sales over the past 12 months, which represents about half of the 80 or so M700 FURYs in operation, although only 4 were pre-owned. Based on the recent supply and demand trends, there's currently about 54 months of inventory on the market for sale, but again, this is highly skewed by the fact that majority of the transactions in this market are, in fact, not pre-owned. In summary, this market is developing. As the fleet grows and builds time, most of these market evaluation numbers will stabilize, giving a clearer indication on market conditions.
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