Yes, you need to write a Custom Template for the page_list block though. To create the template you must create a new php file in this folder (can also be done within packages) like so:
/blocks/page_list/templates/my_template.php

Now when you click on your block in edit mode you should be able to see a Custom Template option, with the drop down within that screen showing my_template or whatever you called the file.

Now to make the template behave properly, you should start by copying out the contents of of the core view.php for this block (/concrete/blocks/page_list/view.php) and simply begin modifying it to your needs in your my_template.php.

There's quite a bit of help out there for this (assuming the above isn't enough) if you Google, such as:
http://www.concrete5.org/community/forums/usage/how-to-make-a-custo...