Pre-owned business jet and turboprop inventories continued to subside in February, according to data released today by market information firm JetNet. Inventory of used business jets fell to 13.9 percent in February, down 0.4 percentage points from the year-ago period. Business jet sales transactions rose 7.7 percent year-over-year, while at the same time asking prices rose 3 percent. Average days on the market for a business jet dropped to 346 days, down 82 days from February last year.

Meanwhile, turboprop inventory further deflated to 9.4 percent—1.1 percentage points less than it was a year ago. Since the inventory continues to be less than 10 percent, JetNet reiterated that it is a seller’s market for used turboprops. However, turboprop sales transactions slipped by 8.7 percent from February 2011 as asking prices climbed by 19.1 percent. Days on the market for used turboprops rose by 63 days to 313.

JetNet noted that inventory of pre-owned turbine helicopters also decreased in February to 6.4 percent, down 0.6 points from a year ago. Average asking prices for turbine helicopters rose by 38.7 percent year-over-year, it added.