Yes, but you need to reconfigure as well.
From the directory where you ran “make install”, run “make uninstall”
I’d suggest that you first uninstall, then run
make distclean
to remove the build and configuration files,
Then run configure, make and make install.
Have you seen the instructions here: Building Audacity 2.1.2 on Ubuntu 15.10
I think they should work for 16.04