You can use Alembic to manage your DB structure. Keep your migrations under version control in order to ensure that it's easy for developers to keep in sync with changes. As regards data itself, you can either work with a set of fixtures, or you could write some Fabric commands to import/export Postgres dumps, which you could also keep under version control if necessary – depending on data size, you may not want to keep a large uncompressed SQL dump under version control (though it will compress well using git or hg), however.
This aspect of your question depends on the size of your development team, and the size of your database.
Make sure you have a python programs or programs to fill databases with test data from scratch. It allows each developer to work from different starting points, but also test with the same environment.
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