Comment 17 for bug 1418921

It seems dnsmasq has some kind of priority issue.
Firstly it assigns IP address sequentially one by one from the pool:

Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPDISCOVER(eth0) ec:f4:bb:ce:89:ac
Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPOFFER(eth0) 10.200.8.39 ec:f4:bb:ce:89:ac
Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPREQUEST(eth0) 10.200.8.39 ec:f4:bb:ce:89:ac
Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPACK(eth0) 10.200.8.39 ec:f4:bb:ce:89:ac
Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPDISCOVER(eth0) ec:f4:bb:c7:ff:9c
Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPOFFER(eth0) 10.200.8.40 ec:f4:bb:c7:ff:9c
Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPREQUEST(eth0) 10.200.8.40 ec:f4:bb:c7:ff:9c
Apr 2 01:58:57 dnsmasq-dhcp[22554]: DHCPACK(eth0) 10.200.8.40 ec:f4:bb:c7:ff:9c

Then it tries to assign IP address from config:

Apr 2 02:05:45 dnsmasq-dhcp[24949]: not using configured address 10.200.8.40 because it is leased to ec:f4:bb:c7:ff:9c
Apr 2 02:05:48 dnsmasq-dhcp[24949]: DHCPDISCOVER(eth0) ec:f4:bb:ce:89:ac
Apr 2 02:05:48 dnsmasq-dhcp[24949]: DHCPOFFER(eth0) 10.200.8.75 ec:f4:bb:ce:89:ac