I echo @Albert Hasson comments. Our market has slowed considerably and I don't think we will see much appreciation this year and may even see a down tick come this fall and winter.
Auctions are still very aggressive but you can buy off the MLS pretty easily right now.
Markets are so localized it is hard to call a "top" in general. As long as the fundamentals work from a rental property perspective, I still think this is a great time to buy, though not as good as the years prior. I believe waiting to buy will turn into more waiting to buy. I plan to keep buying, just a bit differently. There are still a lot of opportunities in my market for distressed sales, foreclosures, wholesale deals etc that it doesn't make sense to be idle. I think I'll focus on rehabs for investors. With returns dwindling due to higher acquisition costs for market rate properties, I feel a huge value add can be achieved through concerted revitalization efforts that bring areas of bad stock slowly back to market rate. This let's the flipper / seller / wholesaler the ability to do business and be very competitive with the current state of the market.
@Micki M. I keep telling myself everything that you are saying about Denver and I know it is true: pro business, lots of people moving here, lots of growth and prosperity, rents are shooting up, and lots of other good things. It's the reason I moved here a year ago. But we've all seen crazy things happen in this economy so there is always this little voice in your head saying "be careful!" That being said, I am closing on two properties at the end of the month;)