The preowned business jet inventory is at its lowest level in nearly a decade, according to data presented this morning at the seventh annual JetNet IQ Summit in New York City. According to Paul Cardarelli, the Utica, N.Y. data provider’s vice president of sales, of the 21,870 aircraft worldwide, 2,285 are currently on the market. That equates to 10.5 percent, a level not seen since November 2007. While pre-owned sales are up 6 percent year-over-year, Cardarelli believes the total number of available aircraft might be affected by owners who have decided to remain with their jets longer due to shrinking residual values.

Rolland Vincent, founder and director of JetNet IQ, presented results from its third-quarter industry survey, noting that nearly half of the respondents believe the business aviation market is past the low point in this recent cycle, with Europe showing the most optimism at more than 53 percent.

Among aircraft operators, those with midsize jets showed the most optimism (56 percent), while large jet operators were the most pessimistic, with 47.5 percent stating they believe the industry is climbing out of the trough. According to the survey, overall optimism is rebounding from a year ago, during the height of the contentious U.S. presidential election.

Likewise, the percentage of survey respondents who indicated a better than 60 percent probability of purchasing a new jet over the next year is the highest in the past two years. Of these, 57 percent indicated interest in medium jets, while nearly 40 percent said they would want a large-cabin jet.