Yes, click on the up and down arrows of the drop down box and click on <New/Edit> to open the list editor.
 
Find the value that you want to re-order and hover over the icon with 3 vertical lines that is to the left of the value. Drag the value to the new location in the dropdown and drop it in the new location. Your changes will automatically be saved.

You can also choose to sort the list alphabetically in ascending or descending order using the A-Z icons in the top right of the window.