I think you're asking about home sales. If that is the case, then the following are factors that I've previously used to determine if a market is hot:
-Inventory of Homes...there's an old rule of thumb about a balanced market, buyer's market, seller's market, etc. This cannot fail you. It is a simple calculation of supply and demand. If there's only a few months (or less!) of inventory and there is plenty of job growth, population growth, etc. then it's pretty clear that the market will remain "hot" as demand will exceed supply.
-Pricing Trends & Sales Activity...are prices rising? How fast? What is the % of income that the median mortgage payment would take? Compare that to the AMI and that will help you determine if the recent increases are sustainable over the long term. You need to have your pulse on the market by speaking with brokers. What inventory sits on the market? What inventory receives multiple offers?
-New Homes...this is another factor. How much inventory of new homes is coming online and what incentives are builders offering?
Those are some general metrics I would look at. The question I have for you is: What is the purpose of doing this research? Are you trying to see if you should leave Fort Collins, CO to move to Washington State? If so, my opinion is that both markets are active and will continue to be based on the job and population growth in those regions. Whatever you decide to do, make sure it is for your long-term benefit and not a short-term decision based on the "tempting" and "feasible" other "small, but possible" streams of income. If you're going to be an agent, you are the business and you should establish deep roots. Nonetheless, no matter where you go I think you can be successful and achieve your goals.
I wish you the best and hope this was helpful!
