Holiday items and decorations on Farmville can be sold at any time. That is the good news. You can also gift the items to another farmer/your neighbor, if the item is still in your gift box.
You would choose the "re-gift" option and choose the recipient. I do not believe you can officially trade the items with another farmer. You can do it based on trust, of course.
This means of course that you both send the promised objects. The other option is to put the holiday decorations into storage. You can either use them next year, or go back in there and sell the items for coins.
Just be careful and do not go to crazy. After you make buy a decoration, it is worth a lot less when you sell it.
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