Here's an article you should check out. I'm not sure it's particularly actionable, but it's interesting nonetheless.
A couple key quotes:
Buyers looking at homes priced at $1 million and above in the Oakland area are bidding 20 percent to 40 percent above list price, Garner said.
To drum up sellers for her buyers, Garner's getting in touch with the owners of last year's expired listings. She also advises buyers to talk to their friends, and at community gatherings like farmer's markets she puts out the word that it's a sellers' market.
The buyer had made an offer on a home but lost out when the home sold for $400,000 more than the list price. Her client could have afforded to purchase at that price, but got cold feet about paying so much above the list price -- about 30 percent -- and dropped out.
I believe a key background to all of this is the rapid progress of gentrification in the area.