i have heard from real estate agents in the South of Market Area in San Francisco that bids on homes have started to go down dramatically. identical homes in the same building that had 11 bids last year are now averaging 6-7 bids. still high, but a decrease.
and while the top bid is higher today than it was last year, the median bid is actually falling. and falling dramatically (and even below asking in the SOMA area). so while there are a few Google millionires that might be moving the market, on a whole, people are becoming more wary of high home prices.