FOUNTAIN, CO — If you're getting an early start on making plans for those spring home improvement projects, we have some good news for you.
The price of lumber is more stable now than it has been over the past 5 years, and it is much lower now than its peak two years ago.
Home improvement season is just around the corner. Whether you plan on building a brand new home or adding an addition to your existing home, lumber prices are more affordable for buyers.
The price of lumber is measured in "thousand board feet", and as of today, the average price per thousand board feet of lumber is $558.
Blake Rogers, from Rocky Mountain Forest Products in Fountain says, "That number is really good right now especially for homeowners looking to do out door projects. I definitely think that during Covid we saw a pretty large demand for it. For lumber and the entire industry as a whole."
According to the website Statista the price of lumber back in January 2016 was $245 per thousand board feet. In April 2021, prices reached a high of more than $1,415 before falling due to lumber mills being forced to close. February 2022 saw a high of $1,310.80. Last year's high was recorded in July at $580. Rogers credits today's interest rates for these lower prices.
"I think with the interest rates being what they are right now, a lot higher than they were a few years back you've seen the lumber market kind of begin to normalize because not too many people want to put a down payment on a new house."
Mother nature has a part to play in it as well.
"Right now the demand is lower. It's a bit colder. A lot of the weather plays a factor into contractors doing projects right now. That's why I truly believe that in the summer as demand picks up it gets a little warmer, people tend to do those "DIY" projects over the weekend, you'll see lumber prices tend to go up," Rogers says.
Colton Harper is the Co-Owner of Harper Customs. Monday he picked up a load of lumber to cover up a vaulted ceiling job for a customer. As a contractor he says at $558 homeowners can see a saving of up to $10,000 on their home improvement projects.
"Especially if you want to add equity into your home, and build something nice for your home, and update everything you live in. It's hard to do when one, lumber prices are astronomical, and then you have to counter labor costs with that."
Lumber retailers believe as the summer months roll around the costs will jump between 10 and 15-percent.
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