Yes.
Technically the price for a the cost of the armor is:
MW armor + enhancement(s) + size adjustment.
Likewise when crafting the price is:
"you must spend 1/25 of its features’ total price in XP and use up raw materials costing one-half of this total price"
MW item + enhancement(s) + size adjustment.
SRD said:Armor, shields, weapons, and items with a value independent of their magically enhanced properties add their item cost to the market price. The item cost does not influence the base price (which determines the cost of magic supplies and the experience point cost), but it does increase the final market price.
SRD said:Market Price: This gold piece value, given following the word 'Price,' represents the price someone should expect to pay to buy the item. The market price for an item that can be constructed with an item creation feat is usually equal to the base price plus the price for any components (material or XP).