I don't know anything about Pittsfield Village or your area, but I do want to answer your question about inventory.
Sometimes with condos or large subdivisions that were built at the same time do this and its perfectly normal. Studies show that people sell their homes every 5-7 years. That means that if they all bought around the same time, most are going to move out in around 5-7 years. This coupled with a struggling economy screams that its a perfect time to buy because competition causes the prices to plummet!
In other words, just because there are many homes for sale doesn't always mean something wrong. It may be screaming opportunity!
Again, I don't know anything about the area, so don't rely on my advice!