Maryland Gov. Martin O'Malley said Thursday he will decide by spring whether to seek the Democratic nomination for president.

"I'm very seriously considering running in 2016," O'Malley said during a talk at the University of Chicago's Institute of Politics.

The outgoing governor, who had earlier indicated he'd likely decide on a bid by the time he leaves office later this month, said he's now planning to take a few months to get his family situated back in the their hometown of Baltimore.

He told The Associated Press he will probably give some talks around the country, and he and his wife will make a decision by the spring.

O'Malley also said he's not waiting for former Secretary of State Hillary Rodham Clinton to announce whether she'll run. The former U.S. senator and first lady is considered the leading contender for the Democratic nomination even though she has yet to declare herself a candidate.

"It's really not about any horse race aspect of this," O'Malley said. "I've been fulltime governing and helping a whole lot of people in the midterms. It's very essential that if you were to offer yourself in this sort of service that you do so after a lot of reflection and proper preparation."

O'Malley said he was disappointed by the "shellacking" Democrats took during the midterm elections and that Democrats need to do a better job of making the case to voters that the party's economic policies are "better for you and your family." He said that includes raising the minimum wage and taking other actions to strengthen the middle class.

His lieutenant governor, Anthony Brown, lost his bid to replace O'Malley to Republican Larry Hogan — part of the GOP's November sweep. Asked if thought that hurt his own chances at future office, O'Malley said he did not.

"I wasn't on the ballot in Maryland," he said.