Well no, it was actually sold out at Sideshow before it even shipped - which I can't recall happening to many figs (at all) in the past few years, certainly not a Sideshow figure. This one wasn't like Luke X-Wing which had large numbers sitting unsold forever (and yeah, partly due to price - Luke X was $240 at a time when some figs were still sub-$200.)
What's been great is that some Luke Snowspeeders have shown up at a handful of retailers like PC and have coincidentally become available just when sales events are happening.
But yeah, my guess is the Sideshow sell-out happened only because they made about 25% of the number they made of Luke X-Wing - Luke Snowspeeder is a no-more-than-$220 figure for sure.