Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Ray for Michael Rehaut – J.P. Morgan.
Ray for Michael Rehaut – J.P. Morgan
You talked about conversion rates this quarter. Could you give a sense of what those were? I think historically you talked about a 40% to 60% range and I think last quarter it was around 40%. I was wondering if you could give what that was this quarter.
Robert Toll
The conversion rate was 66% which is the highest deposit conversion for any quarter since 2005 and as I scan back through '94 on this paper, it's pretty much the average conversion ratio.
Ray for Michael Rehaut – J.P. Morgan
Was the 66% spread evenly across each month or was there fluctuation between the quarter?
Robert Toll
The quarter, the conversion ratio in the first quarter was 45%. In the second quarter it was 37%. Monthly, I don't have it.
Ray for Michael Rehaut – J.P. Morgan
I was wondering if you could give your regional market breakdown, any type of color on which markets were better or worse versus last quarter.
Robert Toll
I'm not going to give that. I haven't done a rating in about three years because I wanted to get away from what turned into the F report. But several of the markets have done better recently. Connecticut, New York suburbs, New Jersey city living is back, Hoboken and Jersey City, New Jersey has been a good market, and Virginia, the DC market in Virginia has been pretty good. Florida, West Gold Coast, that's Naples to Tampa, has done pretty well for us.
Ray for Michael Rehaut – J.P. Morgan
Which ones were worse than your expectations?
Robert Toll
I failed to read some others. Delaware is a little better. Raleigh is a little better. Central Florida has picked up recently, the Orlando market and the California northern picked up recently.
The rest of the markets are either stuck in the mud or just improved marginally and I want to let it go at that because I've had complaints by my salespeople in the field that say, Bob, you say it's a lousy market, we don't see anybody for the next two weeks. So we'll let it go at that.
Operator
Your next question comes from Allan for Ivy Zelman – Zelman & Associates.
Allan for Ivy Zelman – Zelman & Associates
I was hoping you could comment a little bit about the high end market in general. I think there's been a lot written out there that the entry level is performing pretty well given the tax credits that are out there and some other stimulus and the perception is that the high end has been performing much weaker and your results this quarter seem to refute that. So I'm curious if you attribute it more to share gains either from private builders that simply can't afford to compete or from publics that seem to have exited the high end market in general and made an exit to entry level or if you think this is more a sign of stabilization in high end.
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