That's correct. There are some MST3K sets available on DVD, though. Santa Clause vs. The Martians isn't among them, but I'm crossing my fingers that it's out somewhere and I just haven't been looking in the right places.
The correct title is Santa Claus Conquers the Martians. It's available on DVD at Amazon for $8.
I remember watching this when I was a kid. Stupidest movie ever made but damn funny. A little tidbit here, Pia Zadora is the little girl in the movie. Her first film.