Redfin, the technology-powered real estate broker, today announced a list of the nation's fastest real estate markets, as defined by having the most homes going under contract in 24 hours or less. Redfin has coined the term "Real Estate Flash Sales" to describe this new phenomenon in the real estate market.

Following are the 15 real estate markets across the U.S. with the most flash sales recorded in the last five months:

The ranking is based on data collected from the local Multiple Listing Services (MLS), public records and information collected from Redfin real estate agents about all homes listed for sale across 21 U.S. markets from October 1, 2012 through February 26, 2013.  

The inventory shortage plaguing real estate markets across the country, paired with extremely high homebuyer demand have caused the pace of the market to accelerate dramatically. Already frustrated homebuyers are finding it necessary to move very quickly to keep up with their market's selling velocity. Using a local brokerage site like Redfin.com ensures that buyers are seeing all the homes for sale at any given moment, and not wasting time on homes that are already off the market. 

To read the full post with examples and photos of real recent flash sales click here: http://blog.redfin.com/?p=12714.