Given a series of GPS coordinate pairs, I need to calculate the area of a polygon (n-gon). This is relatively small (not larger than 50,000 sqft). The geocodes are created
1% error seems a bit high due to just your approximation. Are you comparing against actual measurements or some ideal calculation? Remember that there is error in the GPS as well that might be contributing.
If you want a more accurate method for doing this there's a good answer at this question. If you're going for a faster way you can use the WGS84 geoid instead of your reference sphere for converting to cartesian coordinates (ECEF). Here's the wiki link for that conversion.