Not quite, the Linux tab includes demos, dlc, soundtracks and trailers along with the games, so that number is artificially inflated if you just want to know the game count. If you instead use an empty search page and set the filters for games and Linux you get to see the actual count of games available for Linux.
Originally Posted by BeeJee
Here is a link to the search page with the filters set: http://store.steampowered.com/search...1=998&os=linux
As you can see it is at 106 currently. Though there are some other games that are still just in beta that don't have their Tux badge yet, so the real count of games you can download/install is a little higher than that, but no where near 176 yet.