The fourth age started when Elrond sailed into the West, at that time there were still some elves present in Middle Earth, most notably Celeborn and the sons of Elrond, I think that some other Elves also remained in Middle Earth.
It was even suggested by Tolkien that hobbits are still around today "But the regions in which Hobbits then lived were doubtless the same as those in which they still linger" (FotR, Prologue)
In the Fourth Age the time of elves was over and the dominion of men began so yes, it is quite clear that the world is now completely human. But then again you never know, do you. You never know what lurks in the depths of the earth or in long forgotten places.
And if you believe the stories that were told in the Middle Ages then it is not unlikely that elves and dwarves and hobbits and other beings from the Third Age still dwelt in Europe.
[ January 13, 2003: Message edited by: Jurion ]
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