Seeing how it's from F/W 08 and Context has a limited inventory of individual pieces to start with, I would venture to say it's sold out. Also clicking on "View Discounted & Sold Out Items" and seeing the hoody in there would make me thing that, too.

And FWIW, stuff almost never goes on sale at Context. They have a couple flash sales per year, but for the most part, they seem to buy just the right amount of stuff to ensure it sells out before it ever needs to hit the sale rack.