Tampa area home sales surged 23 percent in February, the largest year-to-year jump since September 2005.

While the 1,856 sales recorded by Realtors in February is a recent high mark, they still pale next to the 3,771 homes that closed during February in the peak year of 2005.

What's bringing out the buyers? Lower prices. The median sales price in February fell by an annual rate of 27 percent to settle at $131,400. Properties in or heading towards foreclosure are selling in huge numbers.

"Distressed sales accounted for 40 to 45 percent of transactions in February," said Lawrence Yun, chief economist with the National Association of Realtors.

"Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price, and this naturally is drawing down the overall median price."

Condo sales were a lot weaker locally, though they still rose 1 percent since February 2008. The bargain-hunting mentality drove median condo prices in Pinellas, Hillsborough, Pasco and Hernando counties down to $98,800.

Here's a link to statistics from Pinellas. It encapsulates the single family homes versus condo conundrum: Download Pinellas stats feb 09

The Tampa Bay area's home sales growth exceeded that of the state. Overall Florida sales climbed 20 percent in February. In Cape Coral-Fort Myers, where typical homes sell for $97,000, sales almost doubled last month.