GPS Accuracy - is it relative or absolute?
Before you ask a question, it would be nice if you performed even a small amount of research. It shows a certain minimum of respect, you know? Googling "gps accuracy" will produce this government document and page 22 will give you a good idea of what you can expect with a good receiver.

With that said, what your gps unit is giving you is resolution, not accuracy. The link suggests that you should expect better than 4 meters accuracy more than 95% of the time, although there will be small number of readings with worse accuracy.

If you take a number of readings at the same location, spread out over several hours, you will see the reported location change as the positions of the gps satellites changes. So the first reading is not (necessarily) the most accurate. Separate readings are not necessarily related to each other, since the locations of the available satellites changes with time. What is related is the accuracy of all gps receivers which are relatively close to each other. This allows for augmentation. A gps receiver at a precisely known location can determine the gps location error (at that specific time) and broadcast this error to any other receivers in the area. These other receivers can use this error to compensate their own readings, and produce accuracies in the cm range.

Read the link.