Town By Town: Sales, values are hot

One in a continuing series spotlighting real estate markets in the region's communities.

Cathie Palumbo sold real estate part time during the 30 years she worked for the Norristown Area School District.

A Norristown native, she moved to East Norriton seven years ago, when her husband, who has since died, was no longer able to handle the stairs at their Lansdale home.

That was 2008, just as the real estate market "started to crash," she says.

"I paid too much for it," Palumbo acknowledges, "but it doesn't matter because I love this house, and I'm not planning to leave it."

Her relatives run a funeral home, and "I've told them to just carry me out of here when it is time to go," says a laughing Palumbo, now a full-time agent with Weichert Realtors in Blue Bell.

Although the final days of the housing boom found millions of people buying homes at inflated prices, the market is slowly righting itself, she says.

"Things are definitely starting to pick up," Palumbo says, noting that a house is being built on what had been an empty lot across the street from her house off Township Line Road.

East Norriton "is lovely," she says, describing a Montgomery County community easily found at Route 202 and Germantown Pike, up the road from Plymouth Meeting, and eight miles from the city line in Chestnut Hill.

Gary Segal, a veteran agent with Keller Williams Real Estate in Blue Bell, is unequivocal in his admiration of this town and its booming residential real estate market.

"The township is clearly a seller's market - no question," Segal says. "You can buy a really decent house in East Norriton for a good price.

"The bulk of sales are starter homes - in fact, 150 of 189 sales in the year thus far have been under $300,000," he says of 2015. Many of his buyers are coming from Roxborough, which is a longtime migration pattern.

In addition, Segal says, there are 24 homes under agreement of sale here - "an active community, with homes spending no longer than 90 days on the market."

"There is almost no market here for houses $400,000 and above," Segal says.

Two of the most reasonably priced areas in East Norriton are Penn Square Village and DeKalb Manor, Palumbo says.

"Penn Square Village was built right after World War II," she says. The houses may have only three bedrooms with postage-stamp-size yards and no basements, but "they are perfect for the first-time buyer."

DeKalb Manor, near St. Patrick's Cemetery off Route 202 (also known as DeKalb Pike) has "little ranchers" similar to homes in Penn Square, but they "are bigger, with eat-in kitchens," she says.

Many owners of these houses have applied over the years to add a second story," Palumbo says.

Segal affirms that many houses, especially those from the 1960s and 1970s, have been updated and now have four bedrooms and 21/2 baths. They sell for $300,000 to $400,000.

Many of the homes were built by Nolen Cos. and Gambone Bros., among others.

There are 90 properties for sale in the township, Segal says. The median price in the third quarter of 2015 was $228,500, up 9.1 percent from $209,500 in July through September of 2014.

He points to East Norriton's proximity to Philadelphia and major roadways as factors in the choice of the location.

"It is just five minutes from Plymouth Meeting on Germantown Pike, where you can get on the turnpike and Route 476," Segal says.

In addition, he says, Plymouth Meeting Mall, which always seems to be getting larger, is right before the entrances to those highways.

This is not to say that East Norriton is devoid of places to shop.

The intersection of Route 202 and Germantown Pike is a warren of shopping centers and services of all sorts, including restaurants, diners, and fast-food outlets.

"Traffic can be pretty hectic on those roads," says Palumbo, noting that Township Line Road, parallel to Germantown Pike, is a much easier and less-congested ride in and out.

Palumbo and Segal say taxes are rather high because of the Norristown Area School District.

"It doesn't matter," she says. "I am here for the duration."

aheavens@phillynews.com

215-854-2472@alheavens

StartText

Population: 13,590 (2010)

Median household income: $91,154

Area: 6.1 square miles

Settlements in the last three months: 63

Homes for sale: 189

Average days on market: 55

Median sale price: $228,500

Housing stock: 5,310 units; singles, townhouses, condos and apartments

School district: Norristown Area

SOURCES: U.S. Census Bureau; Realtor.com; Gary Segal, Keller Williams Real Estate, Blue Bell; Berkshire Hathaway Home Services Fox & Roach HomExpert Market ReportEndText