Equilateral $\triangle ABC$ has side length $2$, $M$ is the midpoint of $\overline{AC}$, and $C$ is the midpoint of $\overline{BD}$. What is the area of $\triangle CDM$?

$\textrm{(A)}\ \frac {\sqrt {2}}{2}\qquad$ $ \textrm{(B)}\ \frac {3}{4}\qquad$ $ \textrm{(C)}\ \frac {\sqrt {3}}{2}\qquad$ $ \textrm{(D)}\ 1\qquad$ $ \textrm{(E)}\ \sqrt {2}$