Sounds high to me.
I bought one new the end of March, and the shop had it in the case listed at $389. I'd offer $225 and buy at $240. They're good guns. Frankly, I think a used one is likely to be a little nicer than a new one, because someone else has smoothed up the action a bit. Ruger says the SP-101 is okay for dry-firing, and I've never seen one that went out of time. It's a pretty safe buy. I like mine a bunch - you know it's always going to work.