Please remember, my crystal ball is broke and so is anyone elses that predicts the future, good or bad.
BUT, I'd bank on the fact you all will be just fine.
First, it won't be cheaper to build your home 5 to 7 years from now and less you bought in a terrible location odds are you'll be fine depending on how far along the developer is with the planned community. If they are just breaking ground, then yes you will probably still feel the pressure of the new construction but that is a fact regardless of general market conditions.
Did you use a buyer broker to negotiate the deal with the builder? If so, hopefully, your broker didn't let you over pay with the builder and ensured you where getting a great deal in light of market conditions. I would speak to this broker and ask if the home is still worth what you originally negotiated with the builder. If not you should/might be able to renegotiate with the builder. I wouldn't just flat out not buy because of 'today's market'. This is the exact market you do buy in. Don't wait until it's a seller's market.
CO is a happening state and the stats say where getting bigger and stronger everyday. DIA just surpassed LAX as busier. The front range is booming from Trinidad to Fort Collins.
I understand your nervousness and some of it all buyers go through it when they are making a purchase this large.
Enjoy your new home.