Let us start off by saying we can’t predict the future. It was our hope that lumber prices would have went down by now, but they haven’t. Who knows when they will, and if they will. However, here is our recommendation on why now is a good time to buy a shed even with the rise in lumber prices.
The demand for lumber as the housing market continues to soar and pushed the pricing up. The Coronavirus also made it so that some of these lumber mills were closed or operating at half capacity. Therefore demand went up and supply went down — which created a huge increase in lumber price.
One would think that lumber will eventually fall back to a price that we are used to, but it may take longer then we all hope. In 2016, lumber price increased, and it took nearly two years to come back down and nearly three years for average consumers to realize it (lumber mills and lumber yards had to sell the higher priced lumber first).
So when is the best time to buy a shed? We think now isn’t a bad time. Lumber yards and large retailers lumber racks are still empty and lumber is still rising. We think that lumber will increase still before it plateaus. Once it reaches the plateau it may take years for it to fall before supply outpaces demand. Why do we think that? Well, demand for housing is still high. The Sioux Falls metropolitan area has less supply on the market then it has for decades. Other areas around the midwest is experiencing the same thing.
But given the crazy year we have had, who knows what will happen?