Hi, I live in Denver and it is ridiculous in Colorado right now. The growth is definitely related to legal pot. I really think people came out as tourists to get high and then decided to never leave. In fact, there are bumper stickers popping up that say, "no vacancy!" or "you got high, now go home." When I travel to other states, people ask if pot is REALLY legal in CO, so it is definitely creating a spectacle that people are flocking out here for. Then they realize that Colorado is perfect in every way and the housing prices are reflecting that.
Also, a lot of the older desirable neighborhoods have no room for building so lots of people are saying this is not a bubble, this is the new normal. On the other hand, new builds are popping up in the waaaay outer areas at an ever increasing rate, and you and I know the car clowns will move out to those to get more house for their money and there will not be such a supply issue in housing anymore. My husband and I were just dipping our toe in to buying a house - we rent a portion of my mom's house - and then the market blew up like this and we are now priced out of our city. We are hoping that it will slow down in a few years, but who knows. It definitely seems like "luxury apartments" are way overbuilt. There are so many buildings asking 2.5k a month for a 3 bedroom apartment with most of the units sitting empty. I think that is a bubble waiting to burst, but I am not as confident with real estate.
However, there are still good values in smaller Colorado towns. We are eyeing Paonia on the western slope, or Pagosa Springs down south. They are both more isolated and suited to outdoorsy types - and therefore way less inflated than in the cities. I did meet a woman on a camping trip from Paonia and she said lots of city folk are flocking in by selling their Denver homes and buying on the western slope at a discount, which is now inflating their prices, but not nearly to the same extent.
Anyway, Colorado is super and you will love it here. I hope it works out for you.