This guide will provide you with the locations in a specific order; make sure to follow this order to get all the elves.
First, you will have to make holiday cookies. Once the cookies are finished, place them at the edge of your plot to access them easily.
Now, take a portion (only one cookie) and follow this path.
This tunnel is located on the riverside.
You have to press E (or click) to give the cookie to the Elf. You will get 1,000$ or 25,000$ if you find the Elf 24 hours after its release.
Let’s go back and do the same steps for all the other elves.
As you can see, the elf changed location.
The second location is here.
And the third one is here.
The 4th location is here.
And here is the 5th location.
The 6th location is here.
For the 7th elf, you will need a normal cookie (not a holiday cookie).
The 7th location is here.
And here is the 8th location.
The 9th location is on the riverside; follow the river until you see this.
For the 10th elf, you will have to make gingerbread cookies.
Take a portion only.
The 10th location is here.
You will need to take a holiday cookie for the 11th Elf.
The 11th location is here.
And finally, here is the 12th location.