Well the author of this tutorial says so. 20 minutes! (To be fair comments let us know that those new to sewing can expect their first effort to take closer to an hour.. but WOW and less with each one after.)
She gives very thorough instructions including lots of pictures so that I feel I could do this! So can you! I think this will make a nice project to do with my daughter or to work on with a women's group. And with it being around a yard of fabric for the 2-4 year old size VERY affordable!
For full instructions go to http://whipstitchfabrics.com/blog/20-minute-skirt-tutorial/