Overpaying for contractor project?

[Mauricio A.]

I've just received a quote to fix a 4x8 area of a kitchen floor following a pipe leak in the subfloor.  The labor being performed is: 

Remove damaged wood

Remove any damaged floor joists

Remove ceramic from 4x8 area to repair damaged floors

Instal ceramic to match existing tile as close as possible

Remove sink cabinet if necessary

Instal grout to match existing grout

Approx 18ft of ceramic tile will be replaced. 

Materials amount to $855 and Labor amounts to $2125.  The work will be completed in one day.  If by "one day" this means 8 hrs or so, this means that i'm paying ~$265/hr.  Doesn't this seem overpriced?