Are there too many homes for sale in Logan?

The number of active homes on the Logan Utah Real Estate market is the most I've seen since I've been in Real Estate, and home sales have been relatively slow.

The question is, are there too many homes for sale in Cache County? If there is too much inventory, home prices will have to come down in order to sell.
This graph shows the number of new listings, and the number of homes sold by month for homes in Cache County over the past two and a half years.



Currently there are 680 residential listings in Cache County including 606 single family homes for sale.