With demand high and supply low, homes are pending at an alarmingly quick rate nationwide; but what’s the scenario like in Miami?

It’s a classic case of supply and demand: demand for homes, on account of record low interest rates, is extremely high, while housing inventory, on account of skittish sellers and underwater mortgages, remains low. The result? According to the Fastest Real Estate Markets Report by Redfin, the result is pandemonium!

The latest product of statistical wizardry by Redfin, the Fastest Real Estate Markets Report looks at how many listings nationwide are going under contract in two weeks or less, and its first report, which surveyed the month of April, was nothing short of encouraging.

Redfin’s Fastest Real Estate Markets Report

In April, 33 percent of all real estate listings were under contract within two weeks, and 20 percent were under contract within just one week. For comparison’s sake, in April 2011, those numbers were, respectively, 15 and 8 percent!

Here in Miami, the portrait was an equally frantic one, with 19 percent of sales going under contract in two weeks and 12 percent in one week. Though those numbers may seemingly pale in comparison with Southern California’s markets, Miami actually saw the most dramatic acceleration of two-week pending sales in the nation, with those sales jumping by 149 percent from April 2012 and by 45 percent from March 2013.

Carlos Garcia, an broker/vice president with The Keyes Company in Miami, said price makes a huge deal in how quickly a listing goes under contract.

“It depends on the area and the price; market still very price sensitive,and if the listing is overpriced, it will sit there until the price is within market values,” Garcia said.

How does Miami compare with other metropolitan markets, though, especially those red-hot markets of Silicon Valley? See our infographic below for some perspective: