What indicators predict a "hot market" and it's longevity

[Marc Roberson]

My current market, Northern Colorado, would be described as "cool" by a lot of us, including Zillow (because that's so credible). Another market, Pierce County, WA (Oly, Tacoma, etc), for example, is considered "very hot."

So my question is - what, in your eyes, contributes to a market being "hot" or it being a sellers market and is there any factor that would indicate how long it may last? Sorry if the answer is too obvious or too vague. Still very new to RE. Just trying to get some insight from some of the big dog's that have been in the industry for a while.

On a personal note, I would hate to leave this market almost as soon as getting licensed, but, with two other small, but possible streams of income there in the Pac-NW, aside from real estate, it would be feasible and is tempting. but let us keep this real estate related.

Looking at the population, it is also double the size of my current market, at least as of 2010 (795k vs 330k)

Thoughts BP